Which of the following gives rise to a negative externality?
A) Sudden increase in the price of wheat due to a fall in supply
B) Sudden increase in the demand for diamonds leading to an increase in their price
C) Deforestation leading to the extinction of many species
D) Globalization leading to creation of many new job opportunities
C
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According to your text, which group of scientists are completely free from biases?
A) Physicists B) Biologists C) Economists D) All of the above. E) None of the above.
Refer to Table 13-1. What portion of the marginal revenue of the 5th unit is due to the output effect and what portion is due to the price effect?
A) output effect = $1.50; price effect = $2.00 B) output effect = $5.50; price effect = -$2.00 C) output effect = $3.00; price effect = $0.50 D) output effect = $4.00; price effect = -$0.50