External benefits are the extra
A) benefits a consumer gets from consuming a good.
B) costs a producer creates in producing a good.
C) benefits that accrue to people other than the consumers.
D) costs a producer bears for producing a polluting good.
E) benefits a producer obtains for reducing production of a polluting good.
C
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The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?
A. +32.0% B. +0.32% C.-3.2% D. +3.2%
Answer the following statements true (T) or false (F)
1. If there are many firms in an industry, then it must be a purely competitive market. 2. The basic difference between pure competition and monopolistic competition is in the number of firms in the industry. 3. Competitive firms are price takers largely because of intensive advertising by their competitors. 4. For a purely competitive firm, the demand curve facing it is the same as its marginal revenue curve. 5. In pure competition, the industry demand curve is infinitely price elastic.