When MSC > MPC there are detrimental externalities
a. True
b. False
Indicate whether the statement is true or false
True
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A situation where limited resources make it impossible to fulfill all of our wants is known as
A) scarcity. B) opportunity cost. C) a trade-off. D) responding to incentives.
Refer to the figure above. What is the domestic production of pens in Lithasia, after the economy opens up to free trade?
A) 6 units B) 12 units C) 16 units D) 22 units
In the typical AC curve, the downward-sloping part is attributable to
a. spreading fixed costs over larger outputs and increasing returns to the variable inputs. b. declining administrative costs as output increases. c. falling fixed costs. d. rising total product.
A good that a person can be prevented from consuming is referred to as a(n) _____ good
a. non-excludable b. excludable c. rival d. non-rival