Anything of value owned by a person or a firm is

The decrease in consumer surplus and producer surplus that results from an inefficient level of production is called the

A) external cost. B) external benefit. C) deadweight loss. D) big tradeoff.

Two cities face identical prices for their housing. City A decided to be a pollution free city "Clean town" and all the factories would locate in city B "Smogville", we expect the prices of housing in city B "Smogville" to

a. increase b. decrease c. stay the same d. none of the above