Cindy discovers that when she goes to the beach, she does not have to bring her radio. She can put her blanket near someone who has a radio and listen all day (without having to carry her radio, get sand in her speakers, or buy new batteries). This is an example of:
a. private property abuse. b. external costs.
c. a negative externality. d. a positive externality.
d
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When production of a good provides external benefits, there will be
a. too few resources devoted to its production. b. too many resources devoted to its production. c. the optimal amount of resources devoted to its production. d. abnormally high profits earned by producers of the good.
The economic incentive for price discrimination depends on:
A. a desire to evade antitrust legislation. B. differences among buyers' demand elasticities. C. differences among sellers' costs. D. prejudices of business managers.
Which of the following is an example of fiat money?
A. an ounce of gold B. a government bond C. a U.S. one-hundred dollar bill D. cigarettes
Refer to the given data. The domestic equilibrium prices of steel in Alpha and Beta are:
Answer the question on the basis of the following data for the hypothetical nations of Alpha and Beta. Q s is domestic quantity supplied and Q d is domestic quantity demanded.
A. $5 and $4, respectively.
B. $2 and $4, respectively.
C. $3 and $2, respectively.
D. $1 and $2, respectively.