This topic contains a solution. Click here to go to the answer

Author Question: The marginal social cost and private cost curves for a particular common property resource are ... (Read 81 times)

stevenposner

  • Hero Member
  • *****
  • Posts: 608
The marginal social cost and private cost curves for a particular common property resource are upward sloping.
 
  What happens to the gap between teh actual quantity and the socially optimal quantity as the demand for the resource becomes more inelastic? A) Gap widens
  B) Gap declines
  C) Gap does not change
  D) We do not have enough information to answer this question

Question 2

When the government imposes a specific tax per unit on a product, changes in consumer surplus are ________ and changes in producer surplus are ________.
 
  A) negative; positive
  B) positive; positive
  C) negative; negative
  D) positive; negative



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Gabe

  • Sr. Member
  • ****
  • Posts: 321
Answer to Question 1

B

Answer to Question 2

C




stevenposner

  • Member
  • Posts: 608
Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review


mammy1697

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

For a complete list of videos, visit our video library