If there are both external benefits and external costs associated with the production and consumption of a good, and the external benefits are less than the external costs,
a. More than the efficient amount is being produced
b. Less than the efficient amount is being produced
c. the efficient amount is being produced
d. We do not know whether the efficient amount, or more or less, is being produced.
a
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Which one of the following statements about policies to deal with monopoly is true? a. There is no consensus among economists about the best way to deal with monopoly and oligopoly
b. Economists agree that antitrust is best. c. Economists agree that government regulation is best. d. Economists agree that nationalization is best. e. Economists agree that laissez-faire is best.
Ireland's nominal GDP can increase when
a. only Irish prices increase b. only Irish output increases c. only Irish output and prices increase d. only Irish output and prices decrease e. any combination of Irish output and/or prices increases