It is because firms consciously try to balance social costs and benefits that efficiency conditions of perfect competition come about.
Answer the following statement true (T) or false (F)
False
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Which of the following best describes the impact of immigration on complementary resources?
A. The lower wage rate resulting from immigration reduces production costs, creating a business-income effect that increases the demand for complementary resources B. The lower wage rate resulting from immigration reduces production costs, creating an output effect that decreases the demand for complementary resources C. The higher wage rate resulting from immigration increases production costs, creating an output effect that increases the demand for complementary resources D. The lower wage rate resulting from immigration reduces production costs, creating an output effect that increases the demand for complementary resources
Which of the following might be considered a positive externality?
A) the pollination of an orange grove due to bees kept by a nearby beekeeper B) individuals who did not get the flu, yet did not receive a flu shot when those around them did receive the shot C) better fishing resulting from increased lake temperatures generated by the nearby power plant D) All of the above are correct.
Scarcity results when available resources cannot satisfy all desired uses of those resources.
Answer the following statement true (T) or false (F)
Given the indifference curves for an individual as shown below, if the price of good Y = $1, it can be determined that two points on his or her demand curve for good X are:
A. (PX = $1, QdX = 10); (PX = $2, QdX = 14)
B. (PX = $1, QdX = 7); (PX = $.50, QdX = 14)
C. (PX = $.50, QdX = 7); (PX = $1, QdX = 10)
D. (PX = $2, QdX = 20); (PX = $1, QdX = 10)