If MRP > P, a firm should use less of that input.
Answer the following statement true (T) or false (F)
False
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The table above provides information about the marginal social cost and marginal social benefit of street lights, which are a public good
a) What quantity would a private company provide? Why? b) What is the efficient quantity?
People are especially prone to undervaluing opportunity costs when
A. they are nonmonetary, such as time. B. they involve obvious costs, like lost wages. C. All of these are true. D. they are monetary.
Usefulness of Econ?
What will be an ideal response?
According to the "rational expectations" school of thought in macroeconomics, the short-run Phillips curve is ________ in face of unanticipated changes in monetary policy
A) negatively sloped B) vertical C) positively sloped D) horizontal