When social costs of an activity exceed private costs
A) there is a tendency for resources to be under-utilized.
B) this means that resources are being efficiently used.
C) there is a tendency for resources to be over-utilized.
D) None of the above is correct.
C
Economics
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If potential GDP is equal to $600 billion, what does the long-run aggregate supply curve look like?
A) It is a vertical line at a level of GDP above $600 billion. B) It is a vertical line at $600 billion of GDP. C) It is a horizontal line at $600 billion of GDP. D) It is a vertical line at a level of GDP below $600 billion.
Economics
If the price of garlic is represented by equation P = 25 - QD, then the corresponding quantity of garlic demanded is represented by the equation
A) QD = -25 + P. B) QD = P + 25. C) QD = P - 25. D) QD = 25 - P.
Economics