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1.Is the backward bending supply curve for labor realistic or just a theory? Explain. (2+ sentences)

2.Cable TV is nonrival and excludable. Contact lenses are rival and excludable. Public goods are nonrival and nonexcludable. Nonrival private goods are excludable.

True

False

3.In an efficient market, the supply curve will decrease by the amount of the external cost.

True

False

4.If the private benefit of getting a flu shot for a person is less than the social benefit, the market quantity will be greater than the efficient quantity.

True

False

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Paramjeet Chawla
Paramjeet ChawlaLv8
28 Sep 2019

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