Which of the following is not an example of a country's infrastructure?
a. Educational system
b. Political system
c. Communications system
d. Transportation system
b
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If the social cost of producing a good or service exceeds the private cost
A) the sum of consumer surplus and producer surplus is maximized. B) a positive externality exists. C) the market achieves economic efficiency. D) a negative externality exists.
The goal of "personalized pricing" is to determine how much each individual customer is willing to pay for a product. As such, it is an application of first-degree price discrimination
Indicate whether the statement is true or false
A Ghanaian farmer produces wheat without incurring cost of inputs and sells for 1000 to a miller who grinds wheat into flour and sells for 1200 to a baker. The baker sells bread to consumers for 1600. The total value added is # randomize
A. 1600 B. 2200 C. 1000 D. 1400
When an economy is operating under conditions of full employment, the production of more of commodity A will mean the production of less of commodity B because:
A. of the law of increasing opportunity costs. B. economic wants are insatiable. C. resources are limited. D. resources are specialized and only imperfectly substitutable.