A stock variable
a. measures a process that takes place over a period of time
b. is used often used to measure the quantity demanded of a good at various prices
c. is related to inventory controls
d. measures a quantity in existence at a moment in time
e. is a definition unique to economics
D
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If regulators set a price according to marginal cost pricing, the firm will ______.
a. earn positive economic profits b. make zero economic profits c. suffer an economic loss d. earn the same level of profits as it would absent regulation
Which of the following statements is TRUE about the relationship among external, internal and social costs?
A) Social costs will always be higher than external costs. B) Social costs will always be higher than internal costs. C) Internal costs will always be higher than external costs. D) Internal costs will never equal external costs.