During a serious recession we would expect output to fall the most in:

In the presence of a negative externality generated by producing a good, a competitive market will produce more of that good than is socially optimal

What will be an ideal response?

The highest price you are willing to pay for a pair of jeans is $20 . However, you are able to purchase it for $14 . This implies $6 is the producer surplus

Indicate whether the statement is true or false