When producers are hard to monitor and marginal costs differ across producers, ________ are an effective method to achieve efficient use of a ________
A) individual transferable quotas; public good
B) marginal private benefits; public good
C) individual transferable quotas; common resource
D) individual transferable quotas; excludable good
C
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Which of the following leads to an increase in the quantity supplied but not an increase in supply?
A) an increase in the product's price B) a decrease in the costs of production C) an advance in the technology used to produce the good D) an increase in the number of firms producing the good or service E) an increase in the price of another product that the suppliers can produce
In economics, short run is defined as?
a. A period of time less than a year. b. A period of time during which at least one production input is fixed. c. A period of time less than one month. d. A period of time during which all production inputs are fixed. e. A period of time during which all production inputs are variable. (is correct in long-run)