Which of the following best describes an externality?
A) something that is external to the economy
B) a sales tax on a good in addition to the market price
C) an effect of a transaction felt by someone other than the buyer or seller
D) anything produced in other countries
E) a change from what is normal
C
Economics
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In the RBC model, the importance of "intertemporal substitution" of labor supply is ________, which results in a rather ________ labor supply curve
A) denied, flat B) denied, steep C) emphasized, flat D) emphasized, steep
Economics
In the diagram, the range of diminishing marginal returns is:
A. 0Q 3 .
B. 0Q
C. Q 1 Q 2 .
D. Q 1 Q
Economics