A decrease in population would shift the demand curve to the left.
Answer the following statement true (T) or false (F)
True
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The social cost of cutting trees for firewood in a government forest is
A) the increased likelihood of flooding as more trees are cut. B) opportunity cost to the individual of cutting the wood. C) the increased likelihood of flooding as more trees are cut plus the private cost of cutting the trees. D) the marginal costs of cutting the last tree.
With the invention of ATM machines, the public now holds less currency. As a result, we would expect to have seen
a. both the M1 and the M2 multipliers to increase over time. b. the M1 multiplier to increase while the M2 multiplier to decrease over time. c. the M1 multiplier to decrease while the M2 multiplier to increase over time. d. None of the above
What is the source of market power for a monopolistically competitive firm?
A contingent contract can create production inefficiency; however, many principals accept this because
A) inefficiency is inevitable. B) monitoring is costless. C) risk is reduced. D) profit will increase as a result.