26 Jul WHICH OF THE FOLLOWING IS A POSITIVE EXTERNALITY OF CONSUMPTION?
t Show more In order to increase societys well-being a process that produces a positive externality might be taxed to discourage production subsidized to encourage production taxed to encourage production subsidized to discourage production provided without government intervention When government regulations force a natural monopoly to produce where price equals average total cost social welfare is maximized less than it would be without regulation greater than it would be without regulation but it is not maximized exactly the same as it would be without regulation minimized Which of the following is a positive externality of consumption? inoculations against a disease reduce the likelihood of transmitting it to others phosphates from laundry detergents litter from fast-food containers ozone depletion from the production of fast-food containers the greenhouse effect If a firm can double inputs and thereby more than double output over the range of output the market demands it is a natural monopoly Local monopoly Price discrimination monopoly Monopsony Candidate for antitrust prosecution When consumption of a good creates positive externalities the private demand curve shifts rightward When consumption of a good creates positive externalities the private demand curve is below the marginal social benefit curve the private demand curve is above the marginal social benefit curve the equilibrium quantity determined by the free private market is too high Markets for pollution rights have never been tried in the United States assign property rights to those who value them least allow the government to assign property rights enable those who value them most to pollute are less efficient than pollution standards The tendency for the poorest risks to buy health insurance and the tendency of the insured to take more risks with their health are known as moral hazard and adverse selection respectively the winners curse and adverse selection respectively adverse selection and natural selection respectively adverse selection and moral hazard respectively the winners curse and moral hazard respectively Moral hazard occurs when a persons behavior changes in a way that is immoral is inherently dangerous increases the chances of an unfavorable outcome increases the likelihood of profit raises the net welfare of society If a seller knows more about the good than the buyer does there exists perfect information an externality a low marginal benefit of information for the buyer asymmetric information optimal search The market demand curve for a public good is the horizontal sum of all individual demand curves is the vertical sum of all individual demand curves. is upward sloping is horizontal does not exist The rail system in Metropolis is a natural monopoly. If the government regulates the system by setting the fare equal to marginal cost which of the following will be true? Profit will be zero under regulation. Only normal profit will be earned under regulation. Accounting profit will be zero under regulation. Economic loss will occur under regulation. Show less
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