he dumping of chemicals into a lake, which contaminates the drinking water, is an example of:
A.) Income transfers.
B.) A monopoly.
C.) An externality.
D.) Factor mobility.
C.) An externality.
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The public interest theory of industrial regulation contends that:
A. while industrial regulation is sound in theory, bureaucrats allow monopolists to obtain excessive profits. B. regulated monopolies are tantamount to legal cartels. C. the objective of regulation is to protect the public from the market power inherent in natural monopolies. D. firms in some industries want to be regulated.
When 5 units of labor are employed, total product is 10 units; when 6 units of labor are employed, total product is 11 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor?
A. $5 B. $55 C. $15 D. $10
The long-run equilibrium in a monopolistically competitive market is similar to the long-run equilibrium in a perfectly competitive market in that in both markets, firms
A) produce at the minimum point of their average total cost curves. B) produce where price equals marginal cost. C) break even. D) produce where price equals marginal revenue.
Refer to Scenario 4 . What is the opportunity cost of building one more prison?
What will be an ideal response?