In the case of negative externalities in production, the firm's internal costs:
a. exceed the external costs.
b. are less than the external costs.
c. equal the external costs.
d. understate the true cost of producing the product.
e. overstate the true cost of producing the product.
d
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In the upward-sloping segment of the aggregate supply curve,
a. increases in output are linked to decreases in the price level. b. increasing prices drag down resource costs. c. producers can hire more workers without having to raise the wage rate. d. the economy can increase aggregate supply without prices going up. e. firms are willing to pay higher wages to get more labor.
On the basis of the information, it can be said that:
A. no coincidence of wants exists between any two states.
B. a coincidence of wants exists between Michigan and Washington.
C. a coincidence of wants exists between Texas and Washington.
D. a coincidence of wants exists between Michigan and Texas.