The ________ cost to society of producing an additional unit of a good or service is the marginal social cost.
A. private
B. total
C. subsidized
D. damage
Answer: B
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Which of the following statements is true about a competitive market? A competitive market
A) has a handful of sellers but always has many buyers. B) must have a physical location. C) includes markets for goods and services but not for inputs. D) has so many buyers and sellers that no one can influence the price. E) has one seller competing to sell his or her product.
In reality international trade is determined solely by comparative advantage and the free market forces of supply and demand
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 32.2 below to answer the question(s) that follow.
Figure 32.2Refer to Figure 32.2. According to the new classical economists, under rational expectations an expected decrease in taxes would
A. shift AD1 to the left. B. shift AD1 to the right. C. shift AS1 to the right. D. not change AD or AS.
Which of the following goods is likely to have the highest price elasticity of demand?
A) Salt B) Gasoline C) Life-saving drugs D) Ketchup