Capitalism is based on all of the following except
A. the "invisible hand".
B. the price mechanism.
C. trust.
D. equity.
D. equity.
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Under a system of rent controls, landlords are more likely to
A) discriminate against middle aged tenants. B) discriminate against students. C) discriminate against wealthy tenants. D) experience high vacancy rates. E) maintain apartments in better condition.
Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?
A) operating cost B) marginal cost C) explicit cost D) Any of the above terms are correct.
Based on your findings, show that the new lead standard passed the feasibility test for this three-year period.
REGULATORY IMPACT ANALYSIS (RIA) FOR LEAD IN DRINKING WATER In June 1991, the EPA announced a maximum contaminant level goal (MCLG) of zero for lead and a more stringent maximum contaminant level (MCL) of 0.015 mg/l. This new primary standard lowered the allowable lead level in drinking water from its former limit of 50 parts per billion (ppb) to 15 ppb. Because these regulations were expected to have a substantial financial impact on the regulated community — in excess of $100 million per year, they were subject to Executive Order 12291 and had to be accompanied by a Regulatory Impact Analysis (RIA). A summary of the estimated benefits and costs (stated as annualized values) from this RIA, is given below. BENEFITS Health (based on avoided medical costs) From corrosion control and source water treatment: $2.8 – $4.3 billion per year From replacement of lead service lines $70 – $240 million per year Material Accruing to households and water systems $500 million per year Incremental Benefits $3.4 – $5.0 billion per year COSTS Treatment, implementation, education costs Treatment costs: $390 – $680 million Monitoring costs: $ 40 million Education costs: $ 30 million State implementation costs: $ 40 million Incremental Costs $500 – $790 million per year NET BENEFITS Net Benefits: $2.9 – $4.2 billion per year
When the demand curve shifts to the right and supply doesn't change:
A. quantity demanded will rise. B. equilibrium quantity will rise. C. equilibrium price will fall. D. supply will rise.