An outcome is Pareto efficient if:
A) an individual can be made better off without making someone else worse off.
B) benefits of the outcome are equally distributed among all the participants.
C) no individual can be made better off without making someone else worse off.
D) costs of the outcome are equally shared by all the participants.
C
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An expensive bottle of balsamic vinegar is an example of an ________ good, and an order of lasagna from Bella's Restaurant is an example of a(n) ________ good.
A) experience; experience B) experience; inspection C) inspection; inspection D) experience; credence
One way developing countries have been able to break into the world export market is by
A. joining international export cartels and creating monopoly in the export market. B. using Import-Substituting Industrialization (ISI) to force exports by limiting imports. C. becoming locations for low-cost assembly of more technologically advanced products. D. carrying out extensive research and development giving impetus to high technological progress.
PriceQuantity Demanded$510$420$330$240$150Refer to the table above. Starting at a $5 price, at what price range does demand become inelastic?
A. $3-4 B. $2-3 C. $1-2 D. $4-5
The figure above shows the market for a good with an external benefit. The efficient level of production is ________ units because ________
A) 8; marginal benefit equals marginal cost B) 8; marginal cost is less than marginal social benefit C) 10; marginal cost equals marginal social benefit D) 10; marginal social benefit exceeds marginal benefit E) 8; marginal benefit equals the marginal external benefit