Which of the following is true?
i. In an unregulated market with an external benefit, consumers don't take it into account and consume less than the efficient quantity.
ii. Marginal social cost equals marginal private cost minus marginal external cost.
iii. An unregulated market produces more than the efficient quantity of a good with an external cost.
A) Only i
B) Only ii
C) Only iii
D) i and ii
E) i and iii
E
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The output of Mexican citizens who work in Texas would be included in the
A) net national product of the United States. B) gross national product of the United States. C) gross national product of Mexico. D) gross domestic product of Mexico.
Jennifer moved her law offices from an office she was renting downtown to the carriage house she has at the back of her property. How will her costs change?
a. explicit and implicit costs rise b. explicit costs rise and implicit costs fall c. explicit and implicit costs rise d. explicit costs fall and implicit costs rise