Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 14, Problem 1SQ
To determine
The meaning of the private cost.
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The costs of an economic activity borne by theproducers area. always less than social costs.b. the full resource costs of an economicactivity.c. private costs.d. All of the above answers are correct.
The tragedy of the commons occurs when:
a. There are deadweight losses due to a population externality.
b. Goods are undersupplied because of the free rider problem.
c. Choices are individually rational but correctively inefficient.
d. Externalities occurs because property rights are not clearly assigned.
Suppose that when farmers grow tomatoes, they use pesticides that leak into the ground water and cause people living near tomato farms to get sick. This is an example of a:
Select one:
a.
negative production externality.
b.
positive consumption externality.
c.
positive production externality.
d.
negative consumption externality.
Chapter 14 Solutions
Micro Economics For Today
Ch. 14.2 - Prob. 1.1GECh. 14.2 - Prob. 1.2GECh. 14.2 - Prob. 1.3GECh. 14.2 - Prob. 2.1GECh. 14.2 - Prob. 2.2GECh. 14.2 - Prob. 2.3GECh. 14.2 - Prob. 2.4GECh. 14 - Prob. 1SQPCh. 14 - Prob. 2SQPCh. 14 - Prob. 3SQP
Ch. 14 - Prob. 4SQPCh. 14 - Prob. 5SQPCh. 14 - Prob. 6SQPCh. 14 - Prob. 7SQPCh. 14 - California once proposed legislation that would...Ch. 14 - Prob. 9SQPCh. 14 - Prob. 10SQPCh. 14 - Prob. 11SQPCh. 14 - Prob. 12SQPCh. 14 - Prob. 13SQPCh. 14 - Prob. 14SQPCh. 14 - Prob. 15SQPCh. 14 - Prob. 16SQPCh. 14 - Prob. 1SQCh. 14 - Prob. 2SQCh. 14 - Prob. 3SQCh. 14 - Prob. 4SQCh. 14 - The perfectly competitive profit-maximizing firm...Ch. 14 - Prob. 6SQCh. 14 - Prob. 7SQCh. 14 - Prob. 8SQCh. 14 - Prob. 9SQCh. 14 - Prob. 10SQCh. 14 - Prob. 11SQCh. 14 - Prob. 12SQCh. 14 - Prob. 13SQCh. 14 - Prob. 14SQCh. 14 - Prob. 15SQCh. 14 - Prob. 16SQCh. 14 - Prob. 17SQCh. 14 - Prob. 18SQCh. 14 - Prob. 19SQCh. 14 - Prob. 20SQ
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- Examples of external scale economies include A. Hollywood filmmaking B. All of the other alternatives c. Silicon Valley OD. Automobile manufacturingarrow_forwardThe net benefit to society from reducing pollution is equal to Select one: a. the additional benefit plus the additional costs. b. the quantity of pollution, such as the tons of reduction in sulfur dioxide. c. the sum of the benefits of reducing pollution and the costs. d. the difference between the benefits of reducing pollution and the costs.arrow_forwardThe highest-valued alternative that must be given up to engage in an activity is the definition of A. economic equity. B. marginal benefit. C. marginal cost. D. opportunity cost.arrow_forward
- How can the tragedy of the commons be averted? a. The government can implement a price floor. b. Property rights can be assigned. c. The government can implement a cap and trade policy. d. The parties involved can engage in public bargaining.arrow_forwardGraphically, the effects of an external benefit can be shown as A. a leftward shift of the market demand curve. B. a leftward shift of the market supply curve. C. a downward movement along the market demand curve. D. a rightward shift of the market demand curve.arrow_forwardIf it costs Lisa $1.50 to prepare a burrito, that would reflect it's: * a.social cost b.external cost c.private cost d.Public costarrow_forward
- The laissez-faire price system a. Assures economic efficiency even when there are externalities. b. Allocates goods to those who are willing and able to pay for a good. c. Is always inefficient. d. Assures a minimum, fair standard of living to everyone.arrow_forwardWhich of these activities will most likely impose an external cost? A. An athlete works out at a gym. B. A postal worker smokes a cigarette in a crowded break room. C. A young father pushes his baby in a stroller. D. A construction worker eats a hotdog during her lunch break.arrow_forward#7. Copyright laws exist in order to a. eliminate negative externalities. b. eliminate public goods. c. limit free-riding. d. solve the tragedy of the commons. e. protect consumers.arrow_forward
- The tragedy of the commons occurs when a. a common-resource good becomes depleted. b. positive externalities are larger than desired. c. a club good cannot be traded. d. the free-rider problem occurs. e. a private good is underproduced.arrow_forwardAn external cost is: Select one: a. a cost paid by the consumer or the producer. b. the cost to everyone. c. the cost of reaching an agreement. d. a cost paid by people other than the consumer or the producer trading in the market.arrow_forwardWhich of the following does NOT describe the characteristics of public market? I. Opportunity cost in public market is zero. II. Only public market requires one to make choice. III. Public market depends on price mechanism in allocating resources. IV. All goods and services in public market are freely provided. a.I, II and III b.I, II and IV c.I, II, III and IV d.II, III and IVarrow_forward
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