23. If a positive externality exists in a market, the marginal: social benefit e
ID: 1226465 • Letter: 2
Question
23.
If a positive externality exists in a market, the marginal:
social benefit exceeds the marginal private benefit.
private benefit exceeds the marginal social benefit.
private cost exceeds the marginal social cost.
social cost exceeds the marginal private cost.
26. If demand is inelastic, a(n):
a.decrease in the price raises the total revenue.
b.increase in the price leaves total revenue unchanged.
c.decrease in the price lowers the total revenue.
d.increase in the price lowers the total revenue.
37.Which of the following is a possible measurement of inelastic demand?
1.0
2.3
1.5
0.7
41. When people choose leisure over work as wages rise, they are indicating that:
a. the substitution effect is stronger than the income effect.
b. the income effect is stronger than the substitution effect.
c. they are more lazy and are avoiding risk.
d. wages are too high for their skill level.
42. Which of the following occurs in the long run?
A restaurant hires another server.
A new movie theater is built.
An aircraft company adds another shift.
A grocery store expands its hours of operation.
23.
If a positive externality exists in a market, the marginal:
social benefit exceeds the marginal private benefit.
private benefit exceeds the marginal social benefit.
private cost exceeds the marginal social cost.
social cost exceeds the marginal private cost.
Explanation / Answer
23.
social benefit exceeds the marginal private benefit.
In this case, use of one product by a person results in benefitting to the third party.
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