If the marginal private cost of producing one kilowatt of power in California equals five cents and the marginal social cost of each kilowatt equals nine cents, then the marginal external cost equals ________ per kilowatt

If the government removes a binding price floor from a market, then the price paid by buyers will

A. decrease, and the quantity sold in the market will increase. B. decrease, and the quantity sold in the market will decrease. C. increase, and the quantity sold in the market will decrease. D. increase, and the quantity sold in the market will increase.

Suppose you have an hour before your next class starts. You can either read a book, get something to eat, or take a nap. The opportunity cost of getting something to eat is

a. the cost of what you eat b. the value of reading and sleeping c. the loss of value from not reading or sleeping d. the net benefit of sleeping for another hour e. impossible to determine because the most preferred alternative is not known