Negative externalities from energy production should be considered when comparing the cost of an energy source because they:
A. Improve energy production
B. Reduce the total costs of production
C. Are an additional cost of using that source
D. Are taxed or subsidized by government to encourage production
C. Are an additional cost of using that source
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The minimum wage is an example of a government price ceiling and results in a reduction in unemployment.
Answer the following statement true (T) or false (F)
Externalities
A) are not reflected in market prices, so they can be a source of economic inefficiency. B) do become reflected in market prices, so they can be a source of economic inefficiency. C) are not reflected in market prices, so they do not adversely affect economic efficiency. D) do become reflected in market prices, so they do not adversely affect economic efficiency. E) may or may not become reflected in market prices, but do not have an impact on economic efficiency in either event.
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A. is both process- and outcome-oriented. B. is neither process- nor outcome-oriented. C. is not a process-oriented notion of equity. D. is not an outcome-oriented notion of equity.
For price discrimination to exist, all of the following are necessary EXCEPT
A) a downward sloping demand curve. B) an identifiable group of buyers with different elasticities of demand. C) an upward sloping marginal cost curve. D) there can be no resale of the product.