Reducing present pollution levels to zero:
a. would decrease society's welfare.
b. is the ultimate goal of policy makers.
c. would be socially optimum
d. would increase deadweight loss.
a
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The price for tickets of a sold-out event increase by 30% but quantity sold remains unchanged. The price elasticity of demand equals
A) 0. B) 1. C) infinity. D) Cannot be determined.
A firms' total cost is $500 when its quantity is 80 units. Its total cost increases to $510 when its quantity increases to 81 units. What is the firm's marginal cost?
a. 6.25 b. 10 c. 5 d. 6.29 e. none of the above
Which of the following is true about advertising?
A. Firms spend money on advertising in an attempt to make the demand curve more elastic. B. Advertising may be the only way that a new entrant can penetrate a market dominated by long-established firms. C. Advertising has no impact on entry costs or market structure. D. Firms consider advertising to be successful if it succeeds in lowering the long-run average cost.
Due to the network externalities in the game console market, we would expect this market to
A. be efficient. B. be serviced by a natural monopoly. C. be highly concentrated. D. overproduce game consoles.