____ occurs whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant
a. Pecuniary benefits and costs
b. Externalities
c. Intangibles
d. Monopoly costs and benefits
e. none of the above
b
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Compare and contrast the marginal and average tax rates
What will be an ideal response?
How can one tell from cross elasticity what kind of relationship exists between any two goods?
What will be an ideal response?
The purpose of the Temporary Assistance to Needy Families program is
A) to provide rebates of Social Security taxes to low-income workers. B) to provide cash assistance and supportive services to assist the family, helping them achieve economic self-sufficiency. C) to provide a minimum income for the aged, blind, and the disabled. D) to supplement Social Security for the elderly with medical problems.
Is the monopolist supply decision more complicated than that of competitive supply?
A. Yes, because the monopolist can choose its price, and the perfect competitor cannot. B. No, because they are both price takers. C. No, because the market determines the quantity for the monopolist. D. No, because the market determines the price for both firms.