The most important thing about higher labor productivity is that it means
A) we can compete well with other nations. B) we are doing better than anyone else is.
C) we can achieve a happier population. D) we can have a higher standard of living.
D
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A landfill site produces an obnoxious odor. Homes downwind of the site rent for $1000 per month while homes upwind of the site rent for $1500 per month
If the odor is the only detectable difference between two neighborhoods, the difference in the rent is the ________ of the odor. A) social cost B) external cost C) private cost D) marginal cost-benefit E) private benefit
Price cap regulation is defined as regulation that
A) imposes a price ceiling on the regulated firm. B) encourages firms to exaggerate costs to increase profits. C) uses marginal cost pricing to ensure efficient output. D) uses average cost pricing to ensure costs are covered. E) is essentially the same as rate of return regulation.