Which of the following is characteristic of a buyer's market:
A. High demand
B. Steady demand
C. Low supply
D. Low prices
D. Low prices
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The total social costs of production are:
a. private costs plus private benefits. b. private benefits minus private costs. c. private costs plus external costs d. private costs minus external costs.
Which of the following is true? a. Consumption of a public good by one individual reduces the availability of the good for others. b. It is extremely difficult to limit the benefits of a public good to the people who pay for it
c. Public goods are free whenever the government produces them. d. From an efficiency standpoint, a market economy will generally supply too much of a public good.
If D represents the level of decentralization of corporate decisionmaking, and A and C are positive constants, then Benefits = B × D and Costs = A × D + C × D2. The optimal level of decentralization occurs where the
A. sum of the squares of the distance between the benefits and costs curves is minimized. B. level of benefits is greatest. C. vertical distance between the benefits and costs curves is greatest. D. horizontal distance between the benefits and costs curves is greatest.
Summing demand curves horizontally sends market ______________ to individuals, while summing vertically sends market ______________ to individuals.
A. price; price B. quantity; quantity C. quantity; price D. price; quantity