Vaccinations convey ________ to third parties.
A. positive externalities
B. public goods
C. economies of scale
D. negative externalities
Answer: A
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The long-run average cost curve is U-shaped because of which of the following?
A) decreasing marginal returns as more labor is hired B) constant fixed costs as output is increased C) economies and diseconomies of scale D) increasing marginal returns as more labor is hired E) decreasing average fixed costs as output is increased
Net social benefits are maximized when:
A) marginal benefits equal marginal costs. B) marginal benefits are greater than marginal costs. C) marginal benefits are less than marginal costs. D) total benefits are equal to total costs. E) average benefits are marginal benefits are equal.
If a firm is experiencing diseconomies of scale, then
A. proportional increases in all inputs result in proportional increases in output. B. the firm should expand the size of its operation. C. the long-run average cost curve is decreasing as output expands. D. the long-run average cost curve is rising as output expands.
Based Figure 4.2, clothing is:
A) a normal good. B) an inferior good, but not a Giffen good. C) a Giffen good. D) none of the above