When a negative externality exists, the private cost of production ________ the social cost of production
A) is greater than
B) is less than
C) eliminates
D) is equal to
B
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The above figure shows the U.S. market for 1 carat diamonds. Suppose the United States imposes the import quota shown in the figure. With the import quota, how many diamonds can be imported?
A) 500,000 B) 700,000 C) 400,000 D) 900,000 E) 300,000
A production function establishes the relationship between:
A) the market price of a good and the sales revenue generated. B) the quantity of output produced and the firm's profit. C) the quantity of inputs used and the quantity of output produced. D) the market price of a good and the quantity of output supplied.
The Swiss National Bank established the practice of targeting monetary aggregates in ________
A) 1929 B) 1975 C) 2001 D) 2008
Use the information in Scenario 4.2. At what price, if any, is the demand for artichokes completely elastic?
A) 50 B) 30 C) 10 D) 0 E) none of the above