In Figure 11.1, an increase in the marginal propensity to save is represented by a change in the consumption function from

The difference between the marginal social cost and the private cost of a common property resource represents:

A) the social discount rate. B) a deadweight loss. C) is generally negative because the people who use the resources assign higher value to them than other members of society. D) the opportunity cost of reducing the resource by one unit for other members of society.

Suppose demand decreases and supply decreases. Which of the following will happen?

a. equilibrium price will increase b. equilibrium price will decrease c. equilibrium quantity will increase d. equilibrium quantity will decrease e. neither the equilibrium price nor the quantity will change