There is an externality present only when
A) private costs equal social benefits.
B) private benefits equal social benefits.
C) private costs or benefits diverge from social costs or benefits.
D) private costs equal social costs.
C
Economics
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Given that meat and potatoes are complementary goods, if the price of meat decreases substantially, there would be:
A) an increase in the demand for potatoes. B) an increase in the quantity of potatoes demanded. C) a decrease in the demand for potatoes. D) no change in the demand for potatoes.
Economics
To produce 100 bushels of wheat, Farmer A requires fewer inputs than does Farmer B. We can conclude that Farmer A has an absolute advantage over Farmer B in producing wheat
a. True b. False Indicate whether the statement is true or false
Economics