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 75 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
Excellent


Dominic

  • Member
  • Posts: 328
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

For a complete list of videos, visit our video library