When a firm buys a product from another firm in the same company, it is charged
A) an implicit price.
B) a market price.
C) a predatory price.
D) a transfer price.
D
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We allocate resources efficiently when
A) marginal benefit is equal to marginal cost. B) marginal benefit is greater than marginal cost by any amount. C) marginal cost is greater than marginal benefit. D) total benefit is greater than total cost. E) marginal benefit is greater than marginal cost by as much as possible.
Unit elastic demand means that the
A) ratio of a change in the quantity demanded to a change in the price equals 1. B) ratio of a percentage change in the quantity demanded to a percentage change in the price equals 1. C) demand curve is vertical. D) demand curve is horizontal.
The economist who won the Nobel Prize in Economics for his path-breaking analysis of the ways in which property rights, transaction costs and institutions affect the allocation of economic resources is:
A. John Nash. B. Arthur Cecil Pigou. C. Ronald Coase. D. Theodore Groves.
The initial dollars spent to eliminate pollution are most likely ______.
a. all that are needed b. completely wasted c. the least efficient d. the most efficient