Money costs and opportunity costs are concepts that are
a. not related in any meaningful way.
b. used by tax accountants.
c. related through relative prices of goods and services.
d. used by economists to learn the most efficient level of output.
c
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An externality occurs when: a. people other than those making the demand and supply decisions share the benefits or the costs of an activity. b. only the people making the demand and supply decisions share the benefits or the costs of an activity
c. private costs of production equal the full social costs associated with production of a good. d. private costs of production are ignored.
If the aggregate demand curve shifts to the left in the short run then the long-run equilibrium will be at a:
A. higher price level and higher level of output. B. higher price level and lower level of output. C. lower price level and same level of output. D. lower price level and lower level of output.