Refer to the accompanying figure. Which area represents the deadweight loss associated with producing at the market equilibrium instead of the social optimum?
a.
B
b.
A + B
c.
A
d.
C
e.
A + B + C
Global warming is an example of
a.
a problem that has an easy solution.
b.
a positive externality.
c.
a public good.
d.
the tragedy of the commons.
e.
the club-good problem
Externalities exist because
a.
owners of private property have an incentive to maintain their property.
b.
owners of private property are not able to trade with others.
c.
property rights are not clearly defined.
d.
owners of private property have little incentive to protect their property.
e.
there is too much private ownership of property.
Joshua owns a suit store. He currently sells around 10,000 suits per year. If he increases the size of his store so that he can display and sell even more suits, and his long-run average total cost remains unchanged, we know that Joshua is experiencing
a.
diseconomies of scale.
b.
diminishing marginal product.
c.
increasing marginal product.
d.
economies of scale.
e.
constant returns to scale.
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