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- Which of the following assertions regarding social efficiency and social welfare iscorrect?a. They are the same conceptb. Social welfare includes both economic efficiency and equity whereas socialefficiency does not include equityc. Social efficiency includes both economic efficiency and equity whereas socialwelfare does not include equityd. Social efficiency is a higher standard than social welfare.(J) Suppose the production process of a particular good creates a negative externality such as pollution. Other things being equal, would society be better off if this good were produced by a perfectly competitive market or by a monopoly? a. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market responds to consumers' desires in the long run b. Society would be better off if this good were produced by a perfectly competitive market, because a perfectly competitive market will produce the quantity where Marginal Revenue equals Marginal Cost c. Society would be better off if this good were produced by a monopoly,Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, What is the right amount of variety? Can there be too many varieties of shoes, for example?
- What is productive efficiency? Allocative efficiency?Society might argue that there are cases in which it is appropriate to resist price increases in situations where scarcity is serious. Included would be the case of A. all of the responses are corret B. rising prices falling so heavily on the poor that rationig becomes preferable. C. unrestrained monopoly that would otherwise succeed in extracting funds from the public. D.taxes imposed on products capriciously and inappropriatelyAssume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.
- John is thinking about going to the movies tonight . A ticket costs $ 9 and he will have to cancel his baby - sitting job that pays $ 20 . The total opportunity cost of seeing the movie is O A ) $9 O B ) $29 O C ) Indeterminate O D ) $ 29 minus the benefit of seeing the movie2. Suppose that emissions of sulfur dioxide are managed via a Cap-and-Trade policy. In this circumstance, how can an environmental group, such as Greenpeace, reduce emissions of this pollutant? Explain your answer. How would it effectively result in a reduction in emissions? What is the main obstacle for Greenpeace to achieve this? 3. Explain why a Cap-and-Trade program is more likely to be efficient than a standard. Be specific. 4. Explain why the firm’s MAC-curve is its demand curve for pollution permits.Fill in the Blank Question Suppose that when the price of apples is 25 cents each, there are to formers who each supply 600 apples per day, and 2 famers who each suppy 1,000 apples per day. Thus, when the price of apples is 25 cents, the market supply of apples it per doy. Need help? Review these concept resources. [I. Read About the Concept Rate your confidence to submit your answer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Suppose your doorbell rings and it is your neighbor's son, off ering to weed your flowerbed, which goes all the way around your house. You would like to have it weeded but cannotstay to supervise. Should you off er to pay by the hour, pay a fi xed fee, or pay by the weight of the weeds picked? What is the person doing the weeding likely to prefer?12. How are money cost and opportunity cost related to each other? a. Opportunity cost must always exceed money cost. b. They are always identical in any economic system. c. If markets function well, they are closely related. d. In a market economy, they must be equal to each other. e. Money cost is greater than or equal to opportunity cost.Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadnwhat they are trying to ask me to do
