When organizing a collective action, it is generally true that the larger the group the:
A. higher the costs and benefits per person.
B. lower the costs and benefits per person.
C. higher the costs and lower the benefits per person.
D. lower the costs and higher the benefits per person.
Answer: C
Economics
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In a situation in which internal costs differ from social costs, we say that there exists a(n)
A) welfare loss. B) welfare benefit. C) internality. D) externality.
Economics
Assume that the coefficient of elasticity of product demand is 0.5 in industry A and is 3.2 in industry B. Other things equal, labor demand will be:
A. more elastic in industry A than in B. B. relatively elastic in both industries A and B. C. more elastic in industry B than in A. D. relatively inelastic in both industries A and B.
Economics