When social costs of an activity exceed private costs
A) a market failure exists.
B) there is a tendency for resources to be under-utilized.
C) this means that resources are being efficiently used.
D) the actual price is above the efficient price.
Answer: A
Economics
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If W is the nominal wage rate, N is the quantity of labor, P is the price level, and Y is real income, then labor's share in national income is
A) WN - PY. B) WP/YN. C) WN/PY. D) PY - WN.
Economics
Which of the following observations is true? a. An unlimited quantity of organs is available in the United States. b. All organs are required to be donated
c. The supply curve for organs is perfectly elastic. d. The demand curve for human organs is upward sloping.
Economics