The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the consumer surplus?
A) area A + area B + area C
B) area A + area F
C) area C + area D + area E + area G
D) area A
E) area F
D
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Technical support provided by an Indian firm to a multinational company headquartered in New York is an example of a(n) ________
A) capital account transaction B) export of services by India C) transfer payment to the U.S. D) import of services by India
In the above figure, which point represents the under use of resources?
A) point F B) point G C) point H D) point K
The a firm's short-run cost curves shifts when there is a change in
A) technology B) the prices of factors of production C) the quantity of outputs D) Both answers A and B are correct.
The costs of many environmental regulations can be calculated in dollars but the benefits often are in terms of lives saved (mortality) or decreases in the incidence of a particular disease (morbidity)
What does this imply about the cost-benefit analysis of environmental regulations? There is an old saying "You can't put a price on a human life." Do you agree or disagree? Explain.