The sum of internal and external costs is
A) externalities.
B) social costs.
C) internalities.
D) private costs.
B
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What is the difference between average total cost and marginal cost and are they ever equal to each other?
What will be an ideal response?
David is willing to pay $30 for a watch which sells at a market price of $20 . The consumer surplus received by David if he buys the watch is $10
a. True b. False Indicate whether the statement is true or false
When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is:
A. inelastic. B. elastic. C. cross-elastic. D. unitary elastic.
When there are more substitutes for a product, the ________ for the product is ________.
A. income elasticity; greater B. demand; less price elastic C. income elasticity; smaller D. demand; more price elastic