Depletion of tropical rainforests is an example of
a. a negative externality
b. the use of variable technology
c. adverse selection
d. the use of fixed technology
e. a clearly defined property right
A
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As price is lowered from a point higher than the equilibrium price, it will bring about
a. an increase in demand. b. a decrease in supply. c. an increase in quantity demanded. d. an increase in supply.
Asymmetric information is:
A) information revealed by economic agents turns out to be wrong. B) inflation forecasts are systematically to high or too low. C) some economic agents have more information than others. D) the government knows less about the economy than households and firms.
The horizontal summation of individual demand curves gives:
a. a supply curve. b. a Phillips curve. c. a market demand curve. d. the quantity supplied. e. a production function.
Suppose that Kara values a hot fudge sundae at $6 and Stacia values one at $5 . The pretax price of a hot fudge sundae is $3 . The government imposes a $1 tax on hot fudge sundaes, which raises the price to $4 . What is the deadweight loss from the tax?