The impact of expansionary fiscal policy is weakened because of crowding out.

Marginal social cost is equal to the

A) sum of marginal private cost and marginal external cost. B) sum of marginal private cost and marginal private benefit. C) marginal cost incurred by the producer of the good. D) marginal cost imposed on others.

A leftward shift of the supply curve will lead to a(n)

A) increase in equilibrium price. B) excess demand at the old equilibrium price. C) decrease in quantity demanded. D) All of the above.