The negative of the slope of the isoquant indicates the ___________________________
Fill in the blank(s) with the appropriate word(s).
Answer: Marginal Rate of Technical Substitution
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Consider the production of some industrial good that creates air pollution. The table below gives the marginal social cost (MSC), the marginal cost (MC), and the marginal social benefit (MSB) for each level of output (Q)
Q MSC MC MSB 1 3 2 11 2 6 4 10 3 9 6 9 4 12 8 8 5 15 10 7 6 18 12 6 The inefficient market quantity is ________ and the efficient market quantity is ________. A) 4; 3 B) 6; 3 C) 3; 4 D) 4; 6
In economics, the term "free rider" refers to
A) a person who evades taxes. B) one who waits for others to produce a good and then enjoys its benefits without paying for it. C) a supervisor who delegates menial time-consuming activities to others. D) one who volunteers her services.