The neoclassical theory of investment was pioneered by
A) Dale Jorgenson. B) James Tobin.
C) John Maynard Keynes. D) Paul Samuelson.
A
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A positive externality causes
A) the marginal social benefit to be less than the marginal private cost of the last unit produced. B) the marginal private benefit to exceed the marginal social cost of the last unit produced. C) the marginal social benefit to exceed the marginal private cost of the last unit produced. D) the marginal social benefit to be equal to the marginal private cost of the last unit produced.
A market system solves the
a. "what" and "how" decisions but not the "to whom." b. "what" and "to whom" decisions but not the "how." c. "how" and "to whom" decisions but not the "what." d. "what," "how," and "to whom" decisions.
Because each oligopolist cares about its own profit rather than the collective profit of all the oligopolists together,
a. they are unable to maintain the same degree of monopoly power achieved by a monopolist. b. each firm's profit always ends up being zero. c. competitive pressures are absent from the market. d. it will be easier to maintain collusive agreements.
Within the production possibilities frontier (PPF) framework, choice is depicted by the
A) PPF itself. B) PPF being bowed outward. C) need to select among the points making up the PPF. D) straight-line PPF.