If positive externalities are present in the production of a good, then society will:
a. produce too much of the good since the marginal private benefit to consumers is less than the marginal social benefit.
b. produce too little of the good since the marginal private benefit to consumers is greater than the marginal social benefit.
c. produce too much of the good since the marginal private benefit to consumers is greater than the marginal social benefit.
d. produce too little of the good since the marginal private benefit to consumers is less than the marginal social benefit.
d
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Different public goods can have different sized sharing groups, so efficiency would dictate _____
a. that only one national government is necessary b. that public goods be provided by the federal government and the states deal with externalities c. one world government for most pure public goods d. different public goods supplied at different levels of government
When a supply curve is relatively flat, the
a. sellers are not at all responsive to a change in price. b. equilibrium price changes substantially when the demand for the good changes. c. supply is relatively elastic. d. supply is relatively inelastic.
A market is considered efficient if profit opportunities remain continually available.
Answer the following statement true (T) or false (F)
Which statement is true?
A. Some monopolists are imperfect competitors. B. Most monopolists are imperfect competitors. C. All monopolists are imperfect competitors. D. None of these statements are true.