Among the chief concerns about the use of benefit-cost analysis is that
a. monetizing the benefits of a policy proposal is difficult
b. identifying and estimating implicit costs isa major challenge
c. equity might not be achieved if, for example, costs are distributed unevenly
d. all of the above
e. none of the above
d. all of the above
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A market situation in which a large number of firms produce similar but not identical products is
A) a collusive market structure. B) competitive monopoly. C) a homogeneous market. D) monopolistic competition.
Refer to Labor Demand and Labor Supply. What does area A + B + C represent?
The following questions refer to the accompanying diagram, which shows an industry's labor demand and labor supply. Labor and capital are the only factors used by the industry. The industry hires L units of labor at a wage of PL.
a. The industry's total revenue.
b. The rent earned by the industry's laborers.
c. The total wages paid to the industry's laborers.
d. The rent earned by the industry's capital.