An externality occurs whenever
A) private costs are the same as social costs.
B) private costs are the same as internal costs.
C) private costs diverge from social costs.
D) private costs plus internal costs equal social costs.
C
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The characteristic most closely associated with oligopoly is
A. a few large producers. B. easy entry into the industry. C. product standardization. D. no control over price.
If a 10 percent price increase causes the quantity demanded for a good to decrease by 10 percent, demand is unitary elastic
a. True b. False Indicate whether the statement is true or false
When large oligopolistic firms negotiate with the unions of their employees, the resulting bargaining process closely resembles
a. perfect competition. b. a dual labor market. c. monopolistic competition. d. bilateral monopoly.
Which of the following is more liquid?
A. A house B. A rare painting C. A privately held company's stock D. A publicly held company's stock