Costs that are borne solely by the individuals who incur them are
A) private costs.
B) social costs.
C) external costs.
D) transaction costs.
A
You might also like to view...
When a per-unit tax is levied on a goods market in which supply is not perfectly inelastic but such a tax nevertheless does not give rise to any deadweight loss, consumers are made no worse off by the imposition of the tax.
Answer the following statement true (T) or false (F)
A lawn mower costs $500 in the US and 8188 Mexican Pesos in Mexico. The current exchange rate is 1USD=12.97MXN. At this rate,
a. The good costs more in the US b. The good costs more in Mexico c. The good costs the same across the two countries d. None of the above
Which of the following goods and services would be excluded from the CPI?
a. Legal services b. Used cars c. French wines sold in the U.S. d. Restaurant meals e. Shares of stock in U.S. corporations
Bonnie gets her hair cut at her usual salon and is very happy with the results. Later that afternoon, she goes to the mall and sees that a hair salon is giving away free haircuts only on that day. If Bonnie does not take advantage of the giveaway, it is because the
a. marginal utility of another haircut would be zero or negative b. marginal utility of another haircut would increase c. marginal utility of another haircut would be zero or positive d. total utility of both haircuts would be zero or negative e. total utility of both haircuts would be higher than just one haircut