If the marginal external cost of building a children's playground equals zero, then the
A) marginal private cost equals the marginal social cost.
B) marginal social cost equals zero.
C) marginal private cost equals zero.
D) None of the above answers is correct.
A
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Which of the following factors pushes the per-worker production function of an economy downward?
a. A stable political environment b. A high risk of terror attack c. An increase in educated workforce in the country d. An increase in road networks in the country e. A law encouraging foreign investment
Give an example of someone who works in a noncompeting labor market. Explain your choice
In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
A. perfectly competitive firms but not by monopolistically competitive firms. B. monopolistically competitive firms but not by perfectly competitive firms. C. both monopolistically competitive firms and perfectly competitive firms. D. neither perfectly competitive firms nor monopolistically competitive firms.
The representative firm in a perfectly competitive industry
A. may earn either an economic profit or a loss in the long run. B. will earn a normal profit in the long run. C. will always earn an economic profit in the long run. D. will always earn an economic profit in the short run.