Answered: All of the following are sources of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. All of the following are sources of inefficiency except: a. public goods. b. the invisible hand. c. external costs. d. price ceilings. answer. (b. the invisible hand.) 9. Which of the following is the most correct statement about tax burdens? a. A tax burden falls most heavily on the side of the market that is closer to unit elastic. b. A tax burden falls most heavily on the side of the market that is elastic. c. A tax burden is distributed independently of relative elasticities of supply and demand. d. A tax burden falls most heavily on the market that is inelastic. answer (c. A tax burden is distributed independently of relative elasticities of supply and demand.) 16. The Coase theorem suggests that: a. the government should be actively involved in solving the problem of externalities. b. private parties may be able to solve the problem of externalities on their own. c. high transaction or bargaining costs are necessary in solving the problem of externalities. d. demand creates its own supply. answer. (b. private parties may be able to solve the problem of externalities on their own.) 28. Which of the following represents a long-run decision for the firm? a. rehiring workers who were previously laid off. b. determining what price to charge for a given level of output. c. deciding how much output to supply to the market at the current market price. d. building another wing on the plant in order to add a new assembly line. answer. (d. building another wing on the plant in order to add a new assembly line.) Please help me explain these questions. Thanks in advance

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