Question

14. When positive externalities exist in a market, which of the following is true?

a. the social demand curve is to the left of the private demand curve

b. the social demand curve is to the right of the private demand curve

c. the social demand curve is more elastic than the private demand curve

d. the social demand curve is more inelastic than the private demand curve

16.

When the price of a complementary good decreases, what is affected in the market for beef and how?

Select one:

a. supply of beef increases

b. demand for beef increases

c. supply of beef decreases

d. demand for beef decreases

17. In the short run the firm is able to:

Select one:

a. Adjust both variable and fixed costs

b. Adjust only fixed costs

c. Adjust only variable costs

d. Adjust neither fixed costs nor variable costs