A situation in which the price charged is greater than society's opportunity cost would lead to
A. marginal monopoly pricing.
B. market failure.
C. marginal profits.
D. marginal cost pricing.
Answer: B
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In the above figure, if no government intervention occurs, at the unregulated competitive market equilibrium, the marginal cost of the externality is ________ per unit
A) $3 B) $4 C) $6 D) $7
The money demand curve has a negative slope because
A) lower interest rates cause households and firms to switch from financial assets to money. B) lower interest rates cause households and firms to switch from money to financial assets. C) lower interest rates cause households and firms to switch from money to bonds. D) lower interest rates cause households and firms to switch from money to stocks.
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. Your economic surplus from going to work instead of seeing SPAM on Saturday is:
A. $1 B. $36 C. $35 D. $0
The Great Society program was designed to lift people out of poverty during the
A. 1930s. B. 1940s. C. 1950s. D. 1960s.