ECON 2010 FINAL

Version 1 page 18 85 ignoring the cost of producing

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Unformatted text preview: s the slope of a (an) ___. A) Isoquant. B) Utility Possibility Frontier. C) Indifference curve. D) Production Possibility Frontier. Version 1 Page 18 85. Ignoring the cost of producing another unit of a public commodity, everyone in society necessarily benefits when the supply of a public commodity increases by one unit A) True B) False 86. A necessary condition for successful Coasian bargaining is property rights are well defined for the scarce resources in question A) True B) False 87. George has many tattoos on his body that the public find offensive. George also likes walking around without much clothing on. This leads to a situation where George is displaying more tattoos than is socially efficient. Which of the following would be a Coasian solution to the problem? A) A law forbidding George from displaying tattoos. B) A law clarifying property rights, that says that George cannot have tattoos showing unless everyone is OK with it. In this case, society could end up with the socially optimal amount of tattoos on G...
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