Suppose external costs are present in a market which results in the actual market price of $70 and market output of 150 units. How does this outcome compare to the efficient, ideal equilibrium?
a. The efficient price would be higher than $70.
b. The efficient price would be lower than $70.
c. The efficient price would also be $70.
d. The efficient output would be greater than 150 units.
A
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John Amaker owns orange groves and hires pickers for a two-week period as shown in Table 7-3.Table 7-3 Pickers Oranges Picked 1 1,000 2 2,000 3 3,000 4 3,900 5 4,700 6 5,400 7 6,000 8 6,200 9 6,000 In Table 7-3, diminishing returns set in with picker
A. 3. B. 4. C. 5. D. 6. E. 9.
When a falloff in usage of a product by some consumers causes others to stop purchasing the item there is
A) price leadership. B) negative-sum game. C) positive market feedback. D) negative market feedback.
The law of diminishing marginal utility states that
a. total utility falls as more of a good is consumed, other things constant b. total utility falls as marginal utility falls, other things constant c. marginal utility falls as total utility increases, other things constant d. marginal utility falls as more of a good is consumed, other things constant e. marginal utility falls as less of a good is consumed, other things constant
Which of the following happened during the Great Depression?
a. Unemployment and prices increased while output decreased. b. Unemployment increased while output and prices decreased. c. Unemployment and prices decreased while output increased. d. Unemployment and output decreased while prices increased. e. Unemployment and output increased while prices decreased.