As a general rule, when there are specific factors, owners of factors specific to the importing industry are ______________, whereas the mobile factor owners (such as labor) in that industry are ______________.
a. harmed; benefited
b. benefited; harmed
c. harmed; either benefited or harmed,
d. depending on consumption patterns not affected; harmed
Ans: c. harmed; either benefited or harmed,
Economics
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A perfectly competitive steel mill that produces large amounts of pollution (a negative externality) will, from a social point of view,
a. produce too little steel. b. produce the socially optimal quantity of steel. c. produce too much steel. d. produce too much steel only if it installs pollution control equipment.
Economics
What is producer surplus?
What will be an ideal response?
Economics