Some pollution may be preferable to zero pollution because
A. attempting to decrease the level of pollution to zero may cause significant losses in society's welfare.
B. we really do not have that much pollution.
C. the nation's citizens are against government's involvement in solving the pollution problem.
D. no form of regulation that has been shown to be effective at solving the pollution problem.
Answer: A
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The law of supply states that, other things remaining the same,
A) demand increases when supply increases. B) if the price of a good increases, firms buy less of it. C) if the price of a good increases, the quantity supplied increases. D) as people's income increase, the supply of goods increases. E) if the price of a good increases, the supply increases.
If the demand curve for a firm is downward-sloping, its marginal revenue curve
A) will lie below the demand curve. B) will lie above the demand curve. C) is the same as the demand curve. D) is horizontal.
Automatic stabilizers are fiscal policy measures that
A) must be determined by the Congress in each budget. B) do not require new legislation. C) are determined by the Federal Reserve System. D) are part of discretionary fiscal policy.
The demand curve facing a monopolist will be more elastic
A) the greater is the number of substitute products. B) as the consumers' need for the good increases. C) the greater is the amount of fixed costs to cover. D) as the number of consumers increases.