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Quiz 6 (WK6) - Quiz 6(WK6 1 The marginal cost curve implies...

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Quiz 6 (WK6) 1. The marginal cost curve implies a
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           choi ce of tech nolo gy and a set of outp ut dem and s              choi ce of tech nol ogy and a set of inp ut de ma nds          set of outp ut and inpu t dem and s              set of outp ut
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2. Suppose Microsoft is large enough to raise the market wage rate of computer programmers in the software industry by increasing its demand for these people. Which of the following is the best description of this? This is a good example of
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           an exte rnal cost              a fact or of pro duct ion bein g a "pu blic inpu t."              the wor kers rece ivin g exte rnal ben efits              an imp erfe ct mar ket
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3 . Bill sells Mary a worthless coin that Bill deviously told Mary "belonged to an ancient Persian king and is of enormous value to coin collectors." Economists would call this an
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effici ent excha nge, as any type of volun tary excha nge prom
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