Three possible reasons for an above-equilibrium wage are minimum-wage laws, unions, and efficiency wages
a. True
b. False
Indicate whether the statement is true or false
True
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To determine the marginal social cost (MSC) of abatement, we find the sum of
a. MPC + MAC b. ?MAC + MCE c. MAC + ?MCE d. MAC + ?MEC
Refer to Scenario 5.9. The value to Torrid Texts of complete information is
A) $0.25 million. B) $0.5 million. C) $1 million. D) $14.75 million. E) $30 million.
A lighthouse might be considered a private good if
a. there is a second lighthouse nearby, thus preventing a monopoly. b. the owner of the lighthouse is able to exclude beneficiaries from receiving the benefits of the lighthouse. c. ships are able to enjoy the benefits of the lighthouse without paying for the benefit. d. a nearby port authority is able to avoid paying any fees to the lighthouse owner.
If the State of California decides to raise the drinking age to 25, what would happen to the demand for beer?
A. The demand for beer will shift left. B. The demand for beer will stay the same, but people will move up the demand curve consuming less. C. The demand for beer will shift right. D. One cannot tell what will happen with the information given.