Jacob pays $5,000 to paint his house because pollution from a nearby factory damaged the paint. To the factory, the $5,000 cost is
A) a private cost and not an external cost.
B) an external cost and not a private cost.
C) both a private cost and an external cost.
D) neither a private cost nor an external cost.
E) a private benefit because viewers will benefit from watching the extra hour of the show.
A
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The largest part of what the United States produces today is ________ such as ________
A) goods; food and electronic equipment B) goods; education and entertainment C) services; trade and health care D) services; textbooks and computers
"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million"
Based on this statement, the A) demand for pumpkins is elastic. B) demand for pumpkins is inelastic. C) demand for pumpkins is unit elastic. D) demand curve for pumpkins shifted rightward.