The supply curve slopes
A. upward to the right.
B. upward to the left.
C. downward to the right.
D. downward to the left.
A. upward to the right.
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Jack trades his basketball for Jim's baseball glove. This simple trade is
A) unproductive, because nothing new has been produced. B) productive, because Jack and Jim expect to be better off by trading. C) costless, because no money was involved in the deal. D) a cost to the manufacturer because neither Jack nor Jim bought a new ball or glove. E) not good for the overall economy, for reasons A and D above.
Suppose a farmer in Nebraska incurs $8,700 in crop damage from sparks that are created when a local railroad company sends trains along tracks bordering the farm. This damage can be best described as a:
a. negative externality. b. positive externality. c. transaction cost. d. social benefit.