A curve that shows the cost to the firm of hiring an additional unit of a resource is known as a

Another commonly used algebraic form for a demand function is the semi-logarithmic functional form, log(Q) = a - bP + cI, where Q is quantity demanded, P is the product price, and I is income

Here, -100b represents the percentage change in quantity demanded given a one unit increase in price. By the Law of Demand, we should expect the value of b to be: A) positive. B) negative. C) positive or negative. D) We do not have enough information to answer this question.

Negative externalities, such as air pollution, pose a social problem because they

a. benefit buyers but not sellers b. are intended and are market derived c. have a positive value for those who create them d. have a negative value for those who create them e. are difficult to internalize