What is the economic meaning of the expression that "there is no such thing as a free lunch"?
A. It means that economic freedom is limited by the amount of income available to the consumer.
B. It indicates that products only have value because people are willing to pay for them.
C. It means there is an opportunity cost when resources are used to provide "free" products.
D. It refers to "free-riders," who do not pay for the cost of a product but who receive the benefit from it.
Answer: C
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In the above figure, a rent ceiling of $300 per month would
A) not affect the equilibrium quantity. B) result in a surplus of 7000 units. C) result in a shortage of 7000 units. D) result in a shortage of 2000 units.
The country reflecting perfect income equality in the above figure is
A) country 4. B) country 1. C) country 5. D) country 3.
Answer the following statement(s) true (T) or false (F)
1. An important motivation of environmental accounting is to help firms make accurate costs assessments about pollution prevention. 2. Extended product responsibility (EPR) places all the onus of product stewardship on the producer. 3. Re-manufacturing involves collecting, disassembling, reconditioning, and reselling returned products. 4. Design for the Environment (DfE) is a government-mandated program that promotes environmental considerations as part of the design and development of products. 5. Environmental technology transfers can involve dark green or light green technologies.
Under perfect competition, the firm's supply curve is their
A. the upward sloping portion of the marginal cost curve. B. marginal cost curve above the minimum of AVC. C. marginal cost curve above the minimum of ATC. D. the entire marginal cost curve.