In a market open to international trade, at the world price the quantity demanded is 150 and quantity supplied is 200. This country will

Economists use the term externalities to refer to

A) consequences people ignore in their decision making. B) any cost associated with an action. C) foreign imports or exports. D) the behavior in which people actually engage as distinct from their alleged reasons for acting as they do. E) the outside directors of a corporation as distinct from corporate directors who are also managers.

Product variety and information for consumers are gains from

A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.