When the private costs and the social costs are NOT the same, there is a(n)
A) externality.
B) internality.
C) public good.
D) monopoly.
Answer: A
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From the highest percentage to the lowest percentage, the number of firms by business type in the United States is represented by which of the following?
A) corporations, sole proprietorships, partnerships B) corporations, partnerships, sole proprietorships C) sole proprietorships, partnerships, corporations D) sole proprietorships, corporations, partnerships
Suppose that the quantity demanded of visits to a doctor per year is given by X = 12 - 0.05P, where X is the number of visits and P is the price the patient pays for a visit.
(a) How many visits would the patient make if he or she had to pay the full price of a visit, $100? (b) How many visits would a patient make if he or she was insured and had to pay only a 15% co-insurance payment per visit? (c) How many visits would the patient make if medical services were free?
An upward-sloping trend line depicts long-run economic growth
Indicate whether the statement is true or false
If a price floor is not binding, then it will have no effect on the market
a. True b. False Indicate whether the statement is true or false