Suppose a firm produces pollution when it generates electricity. The cost of the pollution is called the
A) marginal cost.
B) marginal private cost.
C) marginal external cost.
D) marginal social cost.
C
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In the long run, the unemployment rate
A) is equal to the expected unemployment rate. B) is zero. C) can take on any value. D) is equal to the natural unemployment rate. E) must be equal to the expected inflation rate.
Assuming the standard migration model is correct, estimates of the cost of moving can be as high as $300,000. What is likely the worst explanation for what this expense is so high?
A. People may place a high cost on leaving family and friends. B. People may place a high utility value on the cultural benefits and assimilation of their current location. C. People may attach a very high utility to the social amenities in one's birthplace. D. Moving companies typically charge tens of thousands of dollars to transport household goods from one location to another. E. The psychic costs of moving, for example, the uncertainty of making friends and adjusting to a new city, may be quite high for some people.
The MC curves in the diagram slope upward because of the law of:
A. demand.
B. conservation of matter and energy.
C. diminishing marginal utility.
D. diminishing returns.
Refer to the below table. The marginal product of the third unit of the resource is:
A. 3
B. 4
C. 5
D. 6