John raises bees to pollinate his apple trees. One of the bees just stung him. This is a(n)
A) private cost.
B) social cost.
C) internality.
D) common property.
A
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The long-run market supply curve in the presence of internal economies of scale is ________, and in the presence of external economies of scale, it is ________
A) downward sloping; downward sloping B) upward sloping; horizontal C) horizontal; upward sloping D) downward sloping; horizontal E) upward sloping; downward sloping
In general, the income effect of an increase in the price of a normal good:
A. will cause the individual to buy more of that good because they have relatively more income. B. will cause the individual to buy less of that good because they have relatively less income. C. will cause the individual to buy more of that good because they have relatively less income. D. will cause the individual to buy less of that good because they have relatively more income.
As long as wage increases do not exceed labor productivity growth rates, a stable price level should be the result
a. True b. False Indicate whether the statement is true or false
The United States Postal Service is an example of a monopoly created by
a. government franchise. b. copyright. c. control of scarce inputs. d. rent-seeking behavior.