Your new neighbor does not mow his lawn or prune the trees in his front yard. As a result, your house value decreases. Your neighbor generated
A) a negative externality.
B) a positive externality.
C) no externality.
D) a non-rival good.
A
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In 2012, the world's population surpassed
a. 3.5 billion. b. 1 billion. c. 10.5 billion. d. 7 billion.
When the price elasticity of demand is small in magnitude, a _____ increase in the price leads to a _____ reduction in the amount purchased and the demand curve is relatively ____.
A. slight; substantial; steep B. slight; slight; flat C. large; slight; steep D. slight; substantial; flat
If a perfectly competitive firm’s average total cost curve is above its demand schedule at every level of output, then the firm will earn _______ profits.
A) positive B) breakeven C) negative D) zero
Use the above table. The MPS is
A. 0.20. B. 0.80. C. 0.09. D. 0.91.