The total cost to society of producing an additional unit of a good or service is the marginal
A. damage cost.
B. social cost.
C. private cost.
D. external cost.
Answer: B
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An increase in real income with constant prices and domestic credit leads to the same effects under both fixed and purely flexible exchange rates
Indicate whether the statement is true or false
Industry X, which is perfectly competitive, is in long-run equilibrium. Assume a new law is passed that requires employers in industry X to provide health insurance to previously uninsured employees
As a result of this new requirement we would expect to observe: A) a decrease in price and an increase in total output in industry X. B) a decrease in price and total output in industry X. C) an increase in price and a decrease in total output in industry X. D) an increase in price and total output in industry X.
Which of the following would reduce the supply of an athletic trainer's services at today's wage rate, other things constant?
a. a reduction in the individual's income from other sources b. an improvement in the quality of the work environment c. an increase in the amount of control the trainer has over the use of time on the job d. a trainer's future earning possibilities go down due to a new negative image associated with this work e. an increase in the trainer's preference for this type of work
What are substitute goods, and how does a change in the price of one substitute good influence the demand for the other?
What will be an ideal response?