Taxes on a producing firm's ________ are meant to force decision makers to consider the full costs of their actions.
A. total production
B. positive externalities
C. spillovers
D. marginal production
Answer: C
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A competitive firm hires workers as long as:
a. marginal product of labor is positive. b. value of marginal product of labor is positive. c. marginal product of labor is greater than the wage rate. d. value of marginal product of labor is greater than the wage rate.
In the long run, those who are hurt by the minimum wage are
a. employers in non-minimum wage industries b. employers who have to pay more c. consumers who have to pay more for goods d. all of these
Longer time frames generally result in less elastic supply
a. True b. False Indicate whether the statement is true or false
The role of the entrepreneur in society is to:
a. Bring the factors of production together and take the risks of producing b. Control the land upon which all production takes place to get the most rent c. Provide capital to the firm which the management combines with labor d. Work with other elected officials to determine what goods are produced