Which of the following would not be an external cost associated with gambling?
A. The increase in crime near casinos
B. The increase in homelessness associated with casinos
C. The single gambler's damaged credit rating
D. The effects on the gamblers' family
Answer: C
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If two countries begin trade and both produce a product subject to external economies of scale, then the country with the ________ rate of production will ________ production until it controls ________ of the market
A) higher; increase; 100% B) higher; increase; 50% C) lower; increase; 100% D) lower; increase; 50% E) higher; decrease; 0%
Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, how much profit will the firm earn?
A) $0 B) $306 C) $312 D) $1000. E) $1024
When demand increases in a perfectly competitive market, the market price:
A. increases in the short run and falls in the long run. B. decreases in the short run and increases in the long run. C. increases in the short run and stays permanently higher in the long run. D. decreases in the short run and stays permanently lower in the long run.
John Maynard Keynes explained that the consumption function is a major component of the aggregate expenditures model
a. True b. False Indicate whether the statement is true or false