If the marginal social cost of a good equals the marginal private cost of the good, then the marginal external cost of the good
A) is zero.
B) equals the marginal social cost.
C) equals the marginal social benefit.
D) equals the marginal private benefit.
A
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The amount you pay for apps to download to your cell phone is an example of a(n) ________ cost
A) implicit B) opportunity C) explicit D) network
Macroeconomics includes the study of
A) economic growth, the unemployment rate, and inflation. B) product demand, product supply, and profit maximization. C) industry sales, corporate growth, and home prices. D) decisions made by individuals, businesses, and governments.
Government taxes are an example of a policy lever.
Answer the following statement true (T) or false (F)
When there few close substitutes available for a good, demand tends to be
A) perfectly inelastic. B) perfectly elastic. C) relatively inelastic. D) relatively elastic.