What is marginal private cost?
What will be an ideal response?
Marginal private cost is the amount that a consumer pays to consume an additional unit of a particular good.
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If the bidders at a first-price auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8 b. $7 c. just over $7 d. just under $7
Which of the following statements is correct regarding the lags in fiscal and monetary policy?
A. The inside lag is the time needed for monetary policy to be effective while the outside lag is the time needed for fiscal policy to be effective. B. The outside lag is the time needed for monetary policy to be effective while the inside lag is the time needed for fiscal policy to be effective. C. The lag for monetary policy is shorter than the lag for fiscal policy. D. The lag for fiscal policy is shorter than the lag for monetary policy.