What is the difference between command-and-control policies and market-based policies toward externalities?
a. Command-and-control policies provide incentives for private decisionmakers to solve the problems on their own, whereas market-based policies regulate behavior directly.
b. Command-and-control policies rely on taxes, whereas market-based policies rely on quotas.
c. Command-and-control policies regulate behavior directly, whereas market-based policies provide incentives for private decisionmakers to change their behavior.
d. Command-and-control policies are efficient, whereas market-based policies are inefficient.
c
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Refer to the scenario above. Thomas's arc elasticity of demand for wine is:
A) -0.33. B) -0.67. C) -0.25. D) -1.
Which of the following is not part of the Federal Reserve System?
a. Council of Economic Advisors b. 12 Federal Reserve District Banks c. Federal Open Market Committee d. Board of Governors
In determining how much labor union workers will offer, the union concerns itself mainly with the
A. Marginal wage curve. B. Market wage curve. C. Labor demand curve. D. Marginal revenue product curve.
Strategic decision making is most important in:
A. oligopolistic markets. B. monopolistically competitive markets. C. competitive markets. D. monopolistic markets.