Which of the following industries is least likely to exhibit the characteristic of free entry?
a. ethnic restaurants
b. municipal water and sewer
c. corn farming
d. grocery stores
b
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Economist A.C. Pigou argued that to deal with a negative externality in production, the government should impose a tax equal to the cost of the externality
What did Pigou believe should be done in the case of a positive externality in consumption? How would his recommendation impact the demand and market equilibrium for the product which is generating the positive externality?
By being responsible for their actions
A) moral hazard becomes asymmetric information. B) employees are being given a property right. C) employees find it easier to free ride on the performance of others. D) the stock market is selling the claims of agents.
Of the dozens of studies that study the effect on wages, most of the studies show that immigration has ________ effect on wages of the native worker as a whole.
A. a relatively small B. zero C. a relatively large. D. a very large, almost 100%
The price elasticity of demand along a vertical demand curve is
A) elastic at high prices and inelastic at low prices. B) infinite. C) one. D) zero.