(A) An elementary school

(B)A hospital

(C)A university

(D)National defense

(A) The "spillover" effect from production or consumption of goods and services

(B)Government regulations, which limit the number of people a firm can hire

(C)Competitors actions, which cause a firm to have to respond

(D)Lawn maintenance at the factory

(A) A good can be consumed by many people without having to pay for it

(B)The market is under-producing a good

(C)The price of the product does not reflect all costs

(D)The price does not fluctuate with supply and demand

(A) Society chooses the optimal mix of output

(B)When market prices signal what to produce

(C)When a society does not vote on what should be produced

(D)The market mechanism does not produce the optimal outcome

(A)

The total of consumer and producer surplus is higher under perfect competition than under monopoly

(B)

Under monopoly, the dead-weight loss is minimized

(C)

The consumer surplus under perfect competition is greater than under monopoly

(D)

The producer surplus is greater under monopoly than under perfect competition

(A) The difference in price

(B)The level of public goods

(C)The optimal mix of output

(D)The market demand

(A) Marginal damage cost

(B)Marginal social cost

(C)Marginal external cost

(D)Marginal private cost.

(A) Governments should tax monopolistic supplier of durable goods

(B)There is an ‘n’ shaped relationship between income inequality and GDP per capita

(C)Additional greenhouse gases from developing economies can be balanced by a reduction in pollution from highly developed economies

(D)A monopoly supplier of a durable good would sell all units of output at the perfectly competitive price

(A) China and India have reached the peak of the curve

(B)The United States are not at the peak of the curve yet

(C)It suggests that additional greenhouse gases from developing economies can be balanced by a reduction in pollution from highly developed economies

(D)It describes an ‘n’ shaped relationship between income inequality and GDP per capita

(A) Marginal benefit equals marginal private cost

(B)Marginal social cost equals marginal external cost

(C)Marginal benefit equals marginal social cost

(D)Marginal benefit equals marginal damage cost