The realization that only a small portion of criminals commit the majority of crimes suggests that, as you devote resources to the criminal justice system, the
A. marginal benefit quickly decreases.
B. marginal cost sharply decreases.
C. total cost always decreases.
D. total benefit quickly decreases.
Answer: A
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If a good has an external benefit, efficiency can be achieved by
A) leaving the market unregulated. B) monopolizing the market. C) offering a private subsidy on the good equal to the external benefit. D) imposing a tax on the good equal to the external benefit.
Firm X pays firm Y $345 for a pollution permit. This expenditure on the part of firm X is considered a __________. Firm Y ends up spending $200 to eliminate some pollution. This expenditure on the part of firm Y is considered a __________.
A. resource cost; transfer B. fixed cost; sunk cost C. market environmental cost; standards cost D. transfer; resource cost E. none of the above
The price of a good tends to decrease if there is a shortage of that good in the market
a. True b. False Indicate whether the statement is true or false
Which will be TRUE for a monopolistic competitor experiencing short-run losses?
A) P > ATC B) P = ATC C) P < ATC D) P < MC