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Author Question: When an external cost exists in the production of a good, firms tend to A) under-produce the good ... (Read 136 times)

Melani1276

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on: Jun 29, 2018
When an external cost exists in the production of a good, firms tend to
 
  A) under-produce the good since society pays these costs.
  B) over-produce the good.
  C) keep production constant throughout the year.
  D) under-allocate resources to the production of the good.

Question 2

Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
 
  A) 200.
  B) 275.
  C) more than 275.
  D) impossible to be determined given the information.


peter

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

C


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