A fun starter activity, digging deeper or extension task.
The answers are:
- Imposing a tax on a negative externality in production
- Excess supply resulting from a minimum price above the market equilibrium
- External economies of scale
- Imposing a tax on a negative externality in consumption (demerit good)
- An increase in the productive potential of the economy shown on the PPF curve from either an increase in the quantity or quality of the factors of production
- Deriving average total cost from average fixed cost and average variable cost
The answers are:
- Imposing a tax on a negative externality in production
- Excess supply resulting from a minimum price above the market equilibrium
- External economies of scale
- Imposing a tax on a negative externality in consumption (demerit good)
- An increase in the productive potential of the economy shown on the PPF curve from either an increase in the quantity or quality of the factors of production
- Deriving average total cost from average fixed cost and average variable cost
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