The supply curve for a product represents the A) marginal cost of producing each

Question

The supply curve for a product represents the A) marginal cost of producing each additional unit of output
B) minimum price a supplier would accept for each unit of output
C) quantity a supplier is willing and able to sell at various prices
D) all of these
The supply curve for a product represents the A) marginal cost of producing each additional unit of output
B) minimum price a supplier would accept for each unit of output
C) quantity a supplier is willing and able to sell at various prices
D) all of these
The supply curve for a product represents the The supply curve for a product represents the 2. A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where A) price = marginal cost
B) marginal revenue = marginal cost
C) marginal benefit = marginal cost
D) all of these are true
2. A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where A) price = marginal cost
B) marginal revenue = marginal cost
C) marginal benefit = marginal cost
D) all of these are true
A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where 3. The graph above shows the market for paper. The marginal social cost is higher than the marginal private cost 4. Consider a profit maximizing firm in a competitive market. In this market, there is a negative production externality where the externality has been internalized. This firm should produce the quantity of output where A) MSC=P
B) MR=MC
C) MB=MC
D) P=MR
4. Consider a profit maximizing firm in a competitive market. In this market, there is a negative production externality where the externality has been internalized. This firm should produce the quantity of output where A) MSC=P
B) MR=MC
C) MB=MC
D) P=MR
Consider a profit maximizing firm in a competitive market. In this market, there is a negative production externality where the externality has been internalized. This firm should produce the quantity of output where Consider a profit maximizing firm in a competitive market. In this market, there is a negative production externality where the externality has been internalized. This firm should produce the quantity of output where 5. Consider the graph above. This graph shows the externality in the market for steel. In order to efficiently internalize this externality, the government could 6. The Coase theorem states that when externalities are present, under certain conditions A) private parties can achieve the efficient outcome if there is government intervention
B) private parties can achieve the efficient outcome without government intervention
C) private parties can never achieve an efficient outcome
D) private parties will hold out for a better deal, making achieving the efficient outcome impossible
6. The Coase theorem states that when externalities are present, under certain conditions A) private parties can achieve the efficient outcome if there is government intervention
B) private parties can achieve the efficient outcome without government intervention
C) private parties can never achieve an efficient outcome
D) private parties will hold out for a better deal, making achieving the efficient outcome impossible
The Coase theorem states that when externalities are present, under certain conditions The Coase theorem states that when externalities are present, under certain conditions 7. Private goods are A) non-rival
B) exclusive
C) rival and excludable
D) non-rival and non-excludable
7. Private goods are A) non-rival
B) exclusive
C) rival and excludable
D) non-rival and non-excludable
Private goods are Private goods are 8. Bob, Jack and Norman are the only people living on an island. They are trying to decide whether or not they should build a lighthouse. Bob is willing to pay $1000 for one lighthouse, Jack is willing to pay $1200 for one lighthouse, and Norman is willing to pay $500 for one lighthouse. The cost of providing a lighthouse is $2000. If the lighthouse is a public good, efficiency requires A) that one lighthouse is built since the willingness to pay of all the residents together is larger than the cost of providing the lighthouse
B) that two lighthouses are built since the willingness to pay of all the residents is larger than the cost of providing the lighthouses
C) that three lighthouses be built, one for each island resident
D) that no lighthouses are built since the willingness to pay of each individual resident is smaller than the cost of provision
8. Bob, Jack and Norman are the only people living on an island. They are trying to decide whether or not they should build a lighthouse. Bob is willing to pay $1000 for one lighthouse, Jack is willing to pay $1200 for one lighthouse, and Norman is willing to pay $500 for one lighthouse. The cost of providing a lighthouse is $2000. If the lighthouse is a public good, efficiency requires A) that one lighthouse is built since the willingness to pay of all the residents together is larger than the cost of providing the lighthouse
B) that two lighthouses are built since the willingness to pay of all the residents is larger than the cost of providing the lighthouses
C) that three lighthouses be built, one for each island resident
D) that no lighthouses are built since the willingness to pay of each individual resident is smaller than the cost of provision
Bob, Jack and Norman are the only people living on an island. They are trying to decide whether or not they should build a lighthouse. Bob is willing to pay $1000 for one lighthouse, Jack is willing to pay $1200 for one lighthouse, and Norman is willing to pay $500 for one lighthouse. The cost of providing a lighthouse is $2000. If the lighthouse is a public good, efficiency requires Bob, Jack and Norman are the only people living on an island. They are trying to decide whether or not they should build a lighthouse. Bob is willing to pay $1000 for one lighthouse, Jack is willing to pay $1200 for one lighthouse, and Norman is willing to pay $500 for one lighthouse. The cost of providing a lighthouse is $2000. If the lighthouse is a public good, efficiency requires 9. Quantity of the public good Willingness to pay of person 1 Willingness to pay of person 2 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35 Consider the table above. How much is society willing to pay for the 4th unit of the public good? A) $40
B) $70
C) $110
D) $530
9. Quantity of the public good Willingness to pay of person 1 Willingness to pay of person 2 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35 Consider the table above. How much is society willing to pay for the 4th unit of the public good? A) $40
B) $70
C) $110
D) $530
Quantity of the public good Willingness to pay of person 1 Willingness to pay of person 2 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35 Consider the table above. How much is society willing to pay for the 4th unit of the public good? 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35 Consider the table above. How much is society willing to pay for the 4th unit of the public good? 10. The classic case of adverse selection is the market for A) health insurance
B) lemons and oranges
C) used cars
D) new cars 10. The classic case of adverse selection is the market for A) health insurance
B) lemons and oranges
C) used cars
D) new cars The classic case of adverse selection is the market for The classic case of adverse selection is the market for Quantity of the public good Willingness to pay of person 1 Willingness to pay of person 2 1 100 55 2 90 50 3 80 45 4 70 40 5 60 35

Explanation / Answer

1, all of the above

2. B (Assuming it's not perfectly competitive in which case all would be true)

3.A

4.B

5.A

6. B

7.C

8.A

9.C

10. C (A can be too, but I think C is more classic, hence the lemon law).

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