The concept of external cost is associated with a negative externality, but not with a positive externality
a. True
b. False
Indicate whether the statement is true or false
True
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The factors of production include all goods and services produced in an economy.
Answer the following statement true (T) or false (F)
The table above gives the demand schedule for peas. Which of the following statements CORRECTLY describes the price elasticity of demand?
A) The price elasticity of demand is larger at point A than at point B. B) The price elasticity of demand is larger at point D than at point A. C) The price elasticity of demand is constant because the slope is constant. D) The price elasticity of demand increases moving from point A to point B to point C to point D to point E.
A firm's supply curve is that portion of its average cost curve that lies above their marginal cost curve
a. True b. False
Which of the following pairs of variables is likely to be positively correlated?
A) Income and consumption B) Education and unemployment C) Price and consumption D) Availability of health care and death rate