Costs borne solely by the individuals who incur them are
A) private costs.
B) social costs.
C) internality.
D) common property.
A
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Assume Congress holds a hearing on the impact of gasoline prices on the price of corn. Most likely, this hearing will be
A) a partial equilibrium analysis. B) a general equilibrium analysis. C) about consumer rather than producer surplus. D) an analysis of efficiency.
From Equation (7.1 ) in the book, the short-run marginal cost of production is MC = w/MPL. Based on this equation, which of the following statements is NOT true?
A) If the marginal product of labor is constant, then MC is constant. B) If the marginal product of labor is a concave curve, then the MC curve is also concave. C) If the marginal product of labor is a concave curve, then the MC curve is U-shaped. D) MC increases as the marginal product of labor declines.
The largest U.S. economic expansion between 1890 and the present occurred during which of the following events?
a. The Railroad Prosperity b. World War II c. The Great Tuna Boom d. The OPEC Prosperity of 1974
Which of the following would cause an increase in the equilibrium price and decrease in the equilibrium quantity of watermelon?
A) a decrease in demand and an increase in supply B) a decrease in supply C) an increase in demand and an increase in supply greater than the increase in demand D) an increase in demand and an increase in supply