Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 If pollution is unregulated, then total daily smoke emission will be ________ tons.
A. 8
B. 9
C. 4
D. 12
Answer: D
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"Pricing-to-market" is a business practice that was common in the twentieth century, but has now all but disappeared
Indicate whether the statement is true or false
According to the graph shown, producer surplus is:
A. $36.
B. $48.
C. $120.
D. None of these.
Using the Keynesian aggregate expenditures model, which of the following is true?
a. Macro equilibrium may occur at levels of real GDP other than full-employment real GDP. b. At any macro equilibrium, the actual rate of unemployment must equal the natural rate of unemployment. c. If an economy is operating below full employment capacity, the Keynesian model indicates that lower wage rates will automatically adjust the economy back to full employment. d. All of these are correct.
The bowed-out-from-the-origin shape of the production possibilities curve occurs because resources are
a. equally well-suited to production of both goods b. not being used efficiently c. not always of equal quality and some are better suited to the production of one type of good than others d. increasing as more of one good is produced e. of an increasingly inferior quality