When the total external and internal costs of a transaction are taken into consideration, this is known as
A) public costs.
B) average total costs.
C) social costs.
D) marginal costs.
C
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In the above figure, when the interest rate is 8 percent and household income is $40,000, household consumption is
A) $0. B) $20,000. C) $35.000. D) $60,000.
The more complicated a task, the greater the ability to economize on ________ through specialization and centralized control
a. transaction costs b. marginal cost c. sunk cost d. fixed cost
Refer to Figure 8.9. If the market price of hay falls to $18, then to maximize profits this farmer should produce A) 350 bales of hay. B) 500 bales of hay. C) 750 bales of hay. D) a level of output that is indeterminate from this information
Which would increase aggregate supply?
a. A decline in productivity b. An increase in business regulation c. A decrease in the capital stock d. Lower business taxes