Marginal social cost
A) is the additional cost to the consumer of consuming another unit of a good.
B) is equal to price times quantity sold.
C) decreases as more of a good is produced and, hence, is depicted by a downward sloping curve.
D) is the opportunity cost of producing one more unit of a good and, hence, is the same as the supply curve.
D
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Compared to low-income families, upper-income families are likely to
a. be larger in size. b. be headed by an adult of prime working age (between 35 years and 64 years). c. have more than one family member working. d. be all of the above.
Traditional models see no role for the government in pushing individuals toward the preferred equilibrium.
Answer the following statement true (T) or false (F)
During the Great Recession the fiscal policy measures taken to exit the recession was
A. raise taxes and run budget deficits. B. raise taxes and run budget surpluses. C. lower taxes and run budget surpluses. D. lower taxes and run budget deficits.
When the cross elasticity of demand for two services is positive, then these services are __________.
A. complements B. substitutes C. both complements and substitutes D. neither complements nor substitutes