Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

The opportunity costs associated with the use of resources owned by a firm are:

a. externalities. b. implicit costs. c. explicit costs. d. sunk costs.

The failure of markets to adequately protect the environment can viewed either as a problem of

a. externalities or as a problem of common resources. b. externalities or as a problem of private goods. c. the overprovision of public goods or as a problem of the underprovision of private goods. d. club goods or as a problem that arises when the quantity of excludable goods exceeds the socially-efficient quantity.