If a firm sells 100 units of output at $15 per unit and 110 units of output when price is reduced to $12, its marginal revenue from selling the last unit is

Double counting occurs when:

A) inputs are included in the calculation of the gross domestic product. B) household production is included in the calculation of the gross domestic product. C) depreciation is included in the calculation of the gross domestic product. D) unsold inventories are included in the calculation of the gross domestic product.

If society allows firms to freely pollute the environment, then which of the following is true?

a. Market equilibrium output will be equivalent to the efficient output level. b. Market equilibrium output will be too low relative to the efficient output level. c. Market equilibrium output will be too high relative to the efficient output level. d. The efficient output level can be achieved by giving firms a subsidy for the pollution they generate.