Consider two goods - one that generates external benefits and another that generates external costs. The actual market outcome would
a. result in a price that is lower than the efficient price for both goods.
b. result in a price that is higher than the efficient price for both goods.
c. result in a price that is lower than the efficient price for the good with an external benefit and a price that is higher than the efficient price for the good with an external cost.
d. result in a price that is higher than the efficient price for the good with an external benefit and a price that is lower than the efficient price for the good with an external cost.
A
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Microeconomics is the branch of economics in which you study inflation and unemployment in the economy
a. True b. False Indicate whether the statement is true or false
How would a decrease in the natural rate of unemployment affect the long-run Phillips curve?
a. It would shift the long-run Phillips curve right. b. It would shift the long-run Phillips curve left. c. There would be an upward movement along a given long-run Phillips curve. d. There would be a downward movement along a given long-run Philips curve.
Bonnie is debating whether to take a job as a professional therapist or a florist. She will earn $40,000 a year as a therapist or $30,000 a year as a florist. If she chooses to be a therapist, the opportunity cost is
A) $40,000. B) $30,000. C) $10,000. D) unable to determine.
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. If this farmer produces the profit-maximizing level of hay when the market price is $18 per bale, her total cost would be
A. $1,200. B. $2,800. C. $5,600. D. $6,300.