Marginal social cost
A) is the additional cost to the consumer of consuming another unit of a good.
B) is equal to price times quantity sold.
C) decreases as more of a good is produced and, hence, is depicted by a downward sloping curve.
D) is the opportunity cost of producing one more unit of a good and, hence, is the same as the supply curve.
D
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One major consequence of the federal government's deregulation of the trucking industry was
A) a sudden and large financial loss for owners of trucking firms. B) fewer jobs for truck drivers. C) higher prices paid by shippers. D) less competition for railroads and barge lines. E) predatory pricing in the trucking industry.
When a tax is imposed on the suppliers of a good or service, then
A) in general, the producers pay all the tax. B) in general, the consumers pay all the tax. C) the consumers pay a larger part of the tax as the elasticity of demand for the product becomes smaller. D) the consumers pay a larger part of the tax as the elasticity of demand for the product becomes larger.