A tax imposed by a government on imports of a good into a country is called a

In a competitive labor market, marginal revenue product equals marginal product times the wage rate

a. True b. False Indicate whether the statement is true or false

If positive externalities are present in the production of a good, then society will:

a. produce too much of the good since the marginal private benefit to consumers is less than the marginal social benefit. b. produce too little of the good since the marginal private benefit to consumers is greater than the marginal social benefit. c. produce too much of the good since the marginal private benefit to consumers is greater than the marginal social benefit. d. produce too little of the good since the marginal private benefit to consumers is less than the marginal social benefit.