Among the chief concerns about the use of benefit-cost analysis is that
a. monetizing the benefits of a policy proposal is difficult
b. identifying and estimating implicit costs isa major challenge
c. equity might not be achieved if, for example, costs are distributed unevenly
d. all of the above
e. none of the above
d. all of the above
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When the government passes a law making a particular good illegal, does it matter for the black market price and quantity if the penalties for breaking the law are imposed on the buyers or on the sellers?
What will be an ideal response?
Assume at the firm's profit-maximizing level of output P = AVC. In this case, the firm will be:
A) earning a positive economic profit. B) earning economic profit = 0. C) incurring an economic loss. D) breaking even.
Which of the following is a negative real shock that occurred during the Great Depression
What will be an ideal response?
Advertising can impede economic efficiency when it:
A. reduces entry barriers. B. reduces brand loyalty. C. leads to greater monopoly power. D. provides consumers with useful information about product quality.