1) if a firm\'s production process generates external costs, the firm will produ

Question

1) if a firm's production process generates external costs, the firm will produce the socially efficient level of the output if the government imposes a tax equal to the marginal:

a) social cost

b) benefit

c) damage cost

d) private cost

2) a television signal sent by cable is ____ in consumption and viewers are ____

a) rival; excludable

b) nonrival; nonexcludable

c) nonrival; excludable

d) rival; nonexcludable

3) for most people, as their income increases, their utility from that income ___ at a(n) ___ rate.

a) decreases, increasing

b) increases, decreasing

c) decreases, decreasing

d) increases, increasing

Explanation / Answer

1)b

2)C

3)C

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