Which of the following is NOT an example of a way in which microeconomic analysis can help in designing environmental policy?
A) Determining the optimal level of vehicle fuel efficiency standards
B) Designing laws to provide incentives for firms to implement clean technologies in new vehicles
C) Lobbying consumers and firms to reduce consumption of energy
D) Examining the tradeoffs between ecological benefits of environmental legislation and its impacts on consumers' standard of living
C
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Which of the following is true for a profit-maximizing competitive firm in the long run but not a monopolist?
A. MC = MR. B. MC = P. C. AR = P. D. Q > 0.
How much is the multiplier?
If short-run economic profits are greater than zero for firms in a monopolistically competitive market, in the long run we expect:
A. entry barriers to prevent competing firms from entering this market. B. the demand curve for firms in the market to shift to the right. C. competing firms to enter the market and sell similar products. D. profits to increase.
Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. What is the total damage imposed as a result of producing the efficient level of cars?
A. $0 B. $250 C. $350 D. $500