Students who talk loudly with each other in class
A) create an externality because other students cannot follow the lecture as well.
B) disturb nobody.
C) benefit the other students in class because they engage in conversation.
D) only create an externality if they talk about something unrelated to class.
A
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If the automobile workers' union successfully negotiates a wage increase for its members, how does the wage hike affect the supply of automobiles?
A) The supply increases. B) The supply decreases. C) The quantity supplied increases. D) The quantity supplied decreases. E) Both answers B and D are correct.
If a market is controlled by a perfect-price-discriminating monopoly, then
A) a deadweight loss is generated. B) there is no consumer surplus. C) consumer surplus is the same as under perfect competition. D) output is less than that of a single-price monopoly.