The concept of economic rent would be more applicable to the earnings of
a. a secretary.
b. Peyton Manning.
c. a doctor or a lawyer.
d. only a landowner.
b
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Explain why economists care about unemployment
What will be an ideal response?
If the social value of producing a good is always higher than the private value of producing it, then there is a
a. negative externality associated with the production of the good, and the market equilibrium quantity of the good is less than the socially optimal quantity. b. negative externality associated with the production of the good, and the socially optimal quantity of the good is less than the market equilibrium quantity. c. positive externality associated with the production of the good, and the market equilibrium quantity of the good is less than the socially optimal quantity. d. positive externality associated with the production of the good, and the socially optimal quantity of the good is less than the market equilibrium quantity.