Microeconomics Study Set 26
Quiz 1: What Is Economics
Define Marginal Cost and Marginal Benefit
Define marginal cost and marginal benefit.
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In New State, the bottling law requires that people get a refund of five cents when they return an empty bottle or can. Why does the state pay people to return bottles? In your answer, be sure to mention the role played by incentives.
If the government raises the tax on cigarettes, what is the effect on people's incentives and choices?
What is the difference between positive and normative statements?
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