An negative externality is present whenever: a. the private ...

[Metfan725]

An negative externality is present whenever:
 a. the private marginal cost of an activity exceeds the private marginal benefit.
  b. the private marginal benefit of an activity exceeds the private marginal cost.
  c. the social marginal cost of an activity exceeds the private marginal cost.
  d. none of the above

Question 2

When expectations of inflation are revised upward, the short-run Phillips curve:
 a. shifts rightward.
  b. becomes steeper.
  c. shifts leftward.
 d. becomes flatter.

[Bigfoot1984]

Answer to Question 1

c

Answer to Question 2

a