In an arms race between two nations, both would be better off if _____
a. they could agree not to engage in the arms buildup
b. if more countries entered the arms race
c. one nation controlled more resources than the other
d. a conflict broke out in another part of the world
a
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If the cost of production of the firms in a perfectly competitive market differs the resulting long-run supply curve will be an upward rising step function
Indicate whether the statement is true or false
Nick owns a dog whose barking annoys his neighbor Jane. Suppose that the benefit of owning the dog is worth $500 to Nick, and that Jane bears a cost of $700 from the barking. Assume that the city has no ordinance against barking dogs. A possible private solution that would benefit both parties is for: a. Jane to pay Nick $450 to get rid of the dog
b. Nick to pay Jane $650 for her inconvenience. c. Jane to pay Nick $650 to get rid of the dog. d. There is no private solution that would improve this situation for both parties.