Social costs of a good are equal to
A) external costs minus private costs.
B) private costs minus external costs.
C) private costs plus external costs.
D) external costs divided by the private costs.
C
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Under a gold standard, countries should
A) keep the supply of their domestic money constant. B) keep the supply of their domestic money fixed in proportion to their gold holdings. C) keep the supply of foreign exchange less than their domestic money supply. D) restrict the demand for foreign goods. E) outlaw speculation.
When quantity demanded decreases at every possible price, the demand curve a. shifts to the left
b. shifts to the right. c. there is a movement along the given demand curve. d. none of the above.
Requiring that a firm engage in pollution abatement will likely do all of the following except
A. Shift the firm's ATC curve downward. B. Reduce profits for the firm. C. Reduce the amount of output the firm produces. D. Shift the firm's MC curve upward.
An increase in the demand for a good that is produced by many firms will
A. increase all of their respective marginal cost curves. B. increase all of their respective marginal revenue curves. C. decrease all of their respective marginal revenue curves. D. decrease all of their respective marginal cost curves.