A statement that "All children should receive free health care" is an example of what kind of statement?
A) a fair statement
B) a natural experiment statement
C) a normative statement
D) a positive statement
E) a statement on the margin
C
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Refer to Figure 2.1. A movement from point a to point c is most likely caused by:
A. a decrease in the price of the good.
B. an increase in consumers' incomes, assuming the good is normal.
C. a decrease in the price of a complementary good.
D. an increase in the price of the good.
The cost borne by a producer in the production of a good or service is called
A) private cost. B) public cost. C) social cost. D) internal cost.
Entry to and exit from ________ market are easy.
A. a monopoly B. a contestable C. an oligopolistic D. All of the above are correct.
If the demand curve fails to capture all of the benefits of consumption, then the:
A. the equilibrium price will be inefficiently high. B. the equilibrium price will be inefficiently low. C. equilibrium price will be efficient but the equilibrium quantity will be inefficiently large. D. government needs to impose regulations that require more consumption.