In the above figure, if D2 is the original demand curve for a normal good and income decreases, which price and quantity might result?

Which of the following would result in a positive externality?

A) A local government sets a maximum price on gasoline. B) Taco Bell adds 15 new items to its dollar menu. C) Medical research results in a cure for Ebola. D) A solar panel manufacturer raises its prices due to increased demand.

Which of the following statements is true?

A) Explicit costs are accounting costs, not economic costs; implicit costs are economic costs, not accounting costs. B) Economic costs include both explicit costs and implicit costs. C) An explicit cost is an actual cost; an implicit cost is a theoretical cost. D) An explicit cost is more important, dollar for dollar, than an implicit cost.