Which of the following is an example of a nondurable good?
a. ice cream
b. silverware
c. motorcycle
d. chair
a. ice cream
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When a negative externality exists, the private cost of production ________ the social cost of production
A) is greater than B) is less than C) eliminates D) is equal to
In the above table, what is the marginal factor cost of the 6th worker?
A) $30 B) $18 C) $120 D) $20
A market system tends to create inequality.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 33.4 below to answer the question(s) that follow.
Figure 33.4Refer to Figure 33.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. After the tariff is imposed, ________ revenue in this country will be $500.
A. import B. tariff C. export D. total