Costs that accrue to the total population are called ____ costs. Costs incurred by the producer or consumer who makes the decision are called ____ costs
a. negative; positive
b. social; private
c. private; social
d. positive; negative
b
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In the Keynesian cross model, when the level of aggregate demand in an economy is above the 45-degree line, ____
a. the level of aggregate expenditures in the economy will be lower than the level of output b. inventories will fall below the planned level c. businesses will decrease their level of production d. there will be an unexpected decrease in the sales of businesses
The wage rate that a monopsonist would find most profitable is the wage
A. On the labor supply curve corresponding to the level of employment at which the marginal factor cost curve (for labor) intersects the labor demand curve. B. On the labor demand curve at the wage where the marginal factor cost curve intersects the demand curve for labor. C. At the intersection of the marginal wage curve and the marginal cost curve. D. On the labor demand curve corresponding to the level of employment at which the marginal factor cost equals market supply.