Refer to Figure 5-4. What does S2 represent?
A) the market supply curve that reflects external cost
B) the market supply curve that reflects social benefit
C) the market supply curve that reflect private cost
D) the market supply curve that reflects social cost
D
You might also like to view...
Which of the following strategies does your text suggest would allow a poorer nation to "catch up" to richer nations?
A) Unionization B) Higher minimum wages C) Lower interest rates D) Adoption of advanced technology E) Minimizing imports and maximizing exports
When will the long-run supply curve of a perfectly competitive market shift upward?
Soft budget constraints is an idea of:
a. Mises b. Schumpeter c. Kornai d. Keynes e. Smith
If the demand for mushrooms increases while the supply remains unchanged, this will result in
A. a shortage of mushrooms as the market price remains unchanged. B. an increase in the quantity of mushrooms sold and an increase in their price. C. an increase in the quantity of mushrooms sold but no change in price. D. a decrease in the quantity of mushrooms sold and an increase in their price.