The money price of a good is also known as its
A) relative price.
B) case price.
C) absolute price.
D) subjective price.
C
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The efficient quantity of a public good is the quantity that has the highest possible marginal social benefit
Indicate whether the statement is true or false
Comparative advantage explains why a nation will benefit from trade when:
a. it exports more than it imports. b. its trading partners are experiencing offsetting losses. c. it exports goods for which it is a high-opportunity cost producer, while importing those for which it is a low-opportunity cost producer. d. it exports goods for which it is a low-opportunity cost producer, while importing those for which it is a high-opportunity cost producer.
If a major hurricane were to destroy the sugarcane crop in Louisiana, there would be
a. a decrease in the supply of sugarcane. b. an increase in the supply of sugarcane. c. a decrease in the demand for sugarcane. d. an increase in the demand for sugarcane.
When social and private costs differ, economists state that
A) there will be economic profit in the society. B) the society will produce inside the production possibilities frontier. C) there is an externality. D) there is not an efficiency problem but an equity problem.