Chapter 1 Homework Questions.docx

Chapter 1 Homework Questions.docx - Thedamagetopeoples' :...

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The damage to peoples' health and the environment from the meltdown of a nuclear  power plant is an example of market failure caused by:  actions that have side effects  that aren't properly taken into account by the market. True or False: One of the causes of a recession is when the economy is capable of  producing more goods and services than people want to buy. True Ed is taking off from work for 5 hours this afternoon and going to a baseball game. The  ticket to the game costs $20 and it costs $15 to park at the stadium. Ed earns $10 an  hour at his job. Ed's opportunity cost of going to the ball game is: $85 A computer manufacturer slashed prices of its products following a competitor's  move. Most likely the competitor's move involved  _____  in prices so that the  market moved _____ the equilibrium   a reduction; towards
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