The long-run market supply curve would be downward-sloping if the representative firms':
A. Demand curves shift up as the industry expands
B. ATC curves shift down as the industry expands
C. Supply curves shift left as the industry expands
D. Demand curves shift down as the industry expands
B. ATC curves shift down as the industry expands
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The capture theory of regulation predicts that regulations bring ________ to producers and impose ________ on any individual consumer
A) small benefits; small costs B) small benefits; large costs C) large benefits; small costs D) large benefits; large costs E) large benefits; no costs
If the production of a good causes an external cost, then the efficient quantity is
A) equal to the quantity at which the marginal benefit equals marginal cost. B) less than the quantity at which the marginal benefit equals the marginal cost. C) more than the quantity at which the marginal benefit equals the marginal cost. D) the quantity at which the marginal private benefit is greater than the marginal social benefit. E) None of the above answers is correct.
In the above figure, CBL is the cost of breaking the law. If it is illegal to buy and sell, then the quantity of the good bought and sold will be
A) 100. B) 200. C) 300. D) 400.
An increase in buyers' incomes
a. increases the quantity demanded of a good b. decreases the quantity demanded of a good c. increases the demand for a normal good d. increases the demand for an inferior good e. decreases the quantity demanded of a normal good