The failure of markets to adequately protect the environment can viewed either as a problem of
a. externalities or as a problem of common resources.
b. externalities or as a problem of private goods.
c. the overprovision of public goods or as a problem of the underprovision of private goods.
d. club goods or as a problem that arises when the quantity of excludable goods exceeds the socially-efficient quantity.
a
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The income effect means that at a high enough wage rate labor supply curve has a
A) positive slope because an increase in the wage rate increases income. B) positive slope because an increase in income increases the demand for leisure. C) negative slope because an increase in income increases the demand for leisure. D) negative slope because an increase in the wage rate increases hours worked to earn more income.
Is it likely that oligopolistic firms will be in both a kinked demand curve situation and also engage in price leadership? Why or why not?
What will be an ideal response?
Cost minimization suggests that two inputs should be employed to the point where
A. the marginal cost of each input is identical. B. the extra contribution to physical output of the inputs is identical. C. the marginal product per dollar spent on each input is identical. D. the marginal revenue product of each input is identical.
A firm that is earning a positive profit in the short run and expects to continue doing so has an incentive to expand its scale of operation in the long run.
Answer the following statement true (T) or false (F)