Identify the approach used by the Environmental Protection Agency (EPA) to enforce environmental standards
a. pollution taxes
b. least-cost method
c. compliance standards
d. pollution rights
c
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A firm's isoquant shows
a. the amount of labor needed to produce a given level of output with capital held constant. b. the amount of capital needed to produce a given level of output with labor held constant. c. the various combinations of capital and labor that will produce a given amount of output. d. None of the above.
When the demand for a product falls, why do costs of production go down in an increasing cost industry?
For perfectly competitive firms, marginal revenue ________ price; for monopolists marginal revenue ________ price.
A. equals; is less than B. equals; equals C. equals; is greater than D. is less than; equals
In game theory, actions such as cheating that focus solely on short-run gains are referred to as
A) territorial behavior. B) tit-for-tat strategic behavior. C) predatory behavior. D) opportunistic behavior.