A public recreation area that has become unpleasantly crowded is exhibiting a negative externality that is frequently associated with:
A. bargaining.
B. Pigouvian policies.
C. public goods.
D. common property resources.
D. common property resources.
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External costs can be defined as
A) the cost associated with private production, but partially borne by society. B) the sum of all private production costs. C) the cost of running the federal government. D) the cost of providing all public goods and services.
Monopolistic competition is common in
a. retail selling. b. farming. c. basic manufacturing. d. electric power generation.
Over the long run, the U.S. economy:
a. has grown dramatically. b. has shown nominal growth. c. has remained more or less stagnant. d. has not produced enough capital goods.
The idea that firms and resource suppliers, while seeking to further their own self-interests in a market economy, also promote the public interest describes:
A. "dollar votes." B. the "invisible hand." C. the guiding function of prices. D. capital accumulation.