A firm's short-run supply curve is its marginal cost curve above its average variable cost curve.
Answer the following statement true (T) or false (F)
True
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An external cost in the production of a good creates a difference between the
i. costs borne by the producer and the costs borne by society in general. ii. efficient quantity of output and the equilibrium quantity of output. iii. marginal social cost and the marginal private cost. A) i only B) iii only C) ii and iii D) i, ii, and iii E) i and iii
Suppose a professor announces at the beginning of a course that he will give no failing grades because they are too damaging to self-esteem. How does such a policy affect equality and efficiency?
What will be an ideal response?
External costs occur only with production and not consumption.
Answer the following statement true (T) or false (F)
The percentage of Head Start enrollees also enrolled in Medicaid or the Children's Health Insurance Program is
A. 67%. B. 5%. C. 25%. D. 100%.