A great deal of damage is done to the environment in the urban U.S. because
A) a system based on private property cannot provide for a common environment.
B) few people understand the economics of pollution.
C) many and perhaps most people assign little or no value to a pleasant environment.
D) the environment is treated as everyone's property and therefore as no one's property.
E) the United States has no central planning.
D
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One firm previously operated as a monopoly. Now, one potential entrant exists. Consumers would prefer
A) entry, and the firms to split the output equally. B) no entry, and for the incumbent to produce the Stackelberg leader level of output. C) entry, and for the incumbent to produce the Stackelberg leader level of output. D) no entry, and the monopoly to continue.
Both a perfectly competitive firm and a monopolist:
a. maximize profit by setting marginal cost equal to marginal revenue. b. always earn an economic profit. c. are price takers. d. maximize profit by setting marginal cost equal to average total cost.
Price leadership is not ______ collusion but ______ collusion.
a. tacit; outright b. predatory; vertical c. outright; tacit d. competitive; tying
Refer to the information provided in Figure 13.7 below to answer the question(s) that follow. 
Figure 13.7 Refer to Figure 13.7. If the government regulates Armstrong Cable so they can earn only a normal return, the price would be set ________ than if the company was not regulated.
A. $0.50 lower B. $3 lower C. $4 lower D. $1 higher