To be an example of a public good, a good must be both rival in consumption and nonexcludable.
Answer the following statement true (T) or false (F)
False
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Bargaining costs are generally high in cases involving environmental externalities because
a. there are strong incentives to be a free rider. b. many individuals may be affected by the externalities. c. it is difficult to measure the costs of the externalities. d. all of the above.
Suppose that a small business takes in monthly revenue of $100,000 . Labor, rental, energy, and other purchased input costs are $70,000 . The owner/entrepreneur could earn $5,000 per month in another job, and the owner/entrepreneur could get a return of $5,000 each month if she sold her business and invested the net proceeds in a financial asset, such as a treasury bond. Which of the following
correctly describes her monthly economic profit? a. $100,000. b. $90,000. c. $70,000. d. $30,000. e. $20,000.
Given that the demand for unskilled labor curve is downward-sloping, an unintended effect of raising the minimum wage is that some people who worked at the lower wage will lose their jobs at the higher wage
Indicate whether the statement is true or false
Let the TC curve be given by the equation TC(Q) = 20 + 5Q. The variable cost curve can be expressed as
A. 20. B. 5Q. C. 20 + 5Q. D. 5.