Externalities can be produced by ____________, as well as ____________.
A. individuals; firms
B. market prices; market incomes
C. oceans; streams
D. none of these answer options are correct.
A. individuals; firms
You might also like to view...
A price support leads to inefficiency because
A) output is more than the efficient, equilibrium quantity. B) the marginal benefit of the last unit produced is larger than the marginal cost. C) the price charged is less than the equilibrium price. D) producer surplus is less than consumer surplus. E) producers must pay a subsidy to the government.
Refer to Table 8-18. What is real GDP in 2016, using 2016 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1
Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.
Perfectly competitive markets do not exist in the real world
Indicate whether the statement is true or false