If firms have to account for external costs in production, then they will produce an output level that is ________ the efficient level.
A. below
B. at
C. above
D. either above or below
Answer: B
You might also like to view...
The "story of agriculture" in the United States is one of
a. lesser output per acre and a greater number of farms b. smaller farm size and greater output per acre c. increase in technological adaptation on smaller farms d. governmental intervention in determining all farm prices e. technological advance, greater productivity for farms, and fewer farms
If an economy's resources are fully employed,
a. a great deal of unemployment will be needed to achieve even a small reduction in inflation. b. the aggregate supply curve (and thus the Phillips curve) will be flat. c. the aggregate supply curve (and thus the Phillips curve) will be steep. d. Both a and c are correct.
Plurality voting fails which of the criteria for an ideal voting system?
A. Unanimity B. Independence of irrelevant alternatives C. Transitivity D. No dictator
A statement that "a hair stylist should not have to obtain a cosmetology license" is an example of what kind of statement?
A. Biased B. Positive C. Uninformed D. Normative