When a flu vaccine goes on the market, the flu rate goes down even among those people who did not get vaccinated. This example shows a(n) ______.
a. nonmarket transaction
b. externality
c. underground activity
d. leisure activity
b. externality
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For an impure consumption good the maximum output is determined where_____
a. price equals marginal cost b. marginal cost equals the vertical summation of all individual demand curves c. price equals long run average total cost d. marginal cost equals the horizontal summation of all individual demand curves
When a monopoly is maximizing its profits,
A) MR > MC. B) MR < MC. C) dMR/dQ > dMC/dQ. D) dMR/dQ < dMC/dQ.
Katrina pays $40 for a meal at a fancy restaurant. The ingredients used cost $10 . The value added by the restaurant is _____
a. $30 b. $40 c. $70 d. $40 plus the wages paid to the chef and waiters e. $40 plus the profit earned by the restaurant owner
The rate of interest banks charge each other for lending reserves is the:
A. Federal funds rate. B. Discount rate. C. Money multiplier. D. Excess reserve rate.