The former communist countries of eastern Europe and the Soviet Union
A. have a better track record in environment protection than market economies.
B. have a dismal environmental record.
C. epitomize the ability of planned economies to protect the environment.
D. have no water pollution problems.
Answer: B
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One reason the demand curve slopes ________ is that as prices fall ________.
A. upward; fewer people find that the price is now less than their reservation price. B. downward; fewer people find that the price is now less than their reservation price. C. downward; more people find that the price is now less than their reservation price. D. upward; more people find that the price is now less than their reservation price.
Refer to Scenario 3 . Compare and discuss the two elasticity estimates computed above
Without doing any more calculations what would you expect to happen to the value of the elasticity estimates as price continues to fall? Assume a linear demand curve.
In the prisoner's dilemma setting for producing and stealing, a tax imposed on participants could end up changing the payoff matrix so that
A. one participant is better off, and one participant is worse off. B. both participants are worse off. C. both participants are better off. D. all of the above are possible
Assume that tortilla chips and salsa are complements. When the price of tortilla chips decreases:
A. the demand for salsa increases. B. the demand for salsa decreases. C. the supply of salsa decreases. D. the demand for tortilla chips decreases.