Social cost is
a. private cost minus external cost
b. the same as external cost
c. the same as production cost
d. private cost divided by external cost
e. private cost plus external cost
E
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The effect of an increase in consumer income on equilibrium price and quantity of Florida orange juice (a normal good) is
a. to increase equilibrium price and quantity b. to decrease equilibrium price and quantity c. to increase equilibrium price and decrease equilibrium quantity d. to increase equilibrium quantity and decrease equilibrium price e. that equilibrium price and quantity remain constant
Price should be
A) determined by equating average cost and marginal cost to determine quantity and then setting the price using that quantity and the demand curve. B) determined by equating marginal revenue and average revenue to determine quantity and then setting the price using that quantity and the demand curve. C) determined by equating marginal revenue and marginal cost to determine quantity and then setting the price using that quantity and the demand curve. D) determined by equating marginal revenue and long-run average cost to determine quantity and then setting the price using that quantity and the demand curve.