Which of the following activities, if any, represents an external benefit?
a. The benefit to a consumer from watching a film on DVD
b. The reduction in air quality resulting from industrial development in an urban area.
c. The increase in the value of property belonging to your neighbors when you hire a landscaper to beautify your front yard.
d. The reduction in property values when a new airport is built in a neighborhood.
c
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The "tragedy of the commons" refers to a phenomenon where
A) people do not internalize an externality. B) people have distinct property rights to a resource. C) people overuse a common resource. D) individuals are not allowed to use a common resource.
The academic calendar for a university is August 15 through May 15. A professor commits to a contract that binds her to a teaching position at this university for this period. Based on this? information, the short run for the professor
A. will be the nine month period between August 15 and May? 15; any time period longer than this will be long run for her. B. will be the time period between August 15 and December? 31; any time period longer than this will be long run for her. C. will be the calendar year between January 1 and December? 31; any time period longer than this will be long run for her. D. will be the time period between August 15 of the current year and August 14 of the following? year; any time period longer than this will be long run for her.