An externality is a situation in which
A) private costs diverge from social costs.
B) internal costs diverge from private costs.
C) there are no social costs.
D) the cost borne by the consumer is greater than the monetary price.
A
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Keynesians
A. believe capitalism is inherently stable. B. contend that government intervention in the economy is undesirable. C. advocated a laissez faire policy. D. believe wages and prices are inflexible downward.
The opportunity cost of a decision can be examined by using a:
a) production possibilities graph b) factors of production chart c) global trade-off grid d) graph of increasing costs
In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
A. perfectly competitive firms but not by monopolistically competitive firms. B. monopolistically competitive firms but not by perfectly competitive firms. C. both monopolistically competitive firms and perfectly competitive firms. D. neither perfectly competitive firms nor monopolistically competitive firms.
The act of Congress which prohibited "unfair or deceptive acts or practices in commerce" is called
A. the Federal Trade Commission Act of 1914. B. the Sherman Act. C. the Clayton Act. D. the Robinson-Patman Act.