Political scientist Elinor Ostrom won the 2009 Nobel Prize in Economics for demonstrating in detail how communities around the world
a. experience gaps in wealth and economic power.
b. manage common pool resources effectively.
c. see power as the ability to collaborate.
b. manage common pool resources effectively.
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The firm's marginal profit (M?) at the efficient equilibrium is
Consider the following graph of the market for chemical solvents, production of which damages a waterbody used for recreation.
a. EH b. HL c. GK d. DG
Refer to the accompanying figure. Moving from point B to point A, the opportunity cost of 25 more salads is:
A. 5 pizzas. B. 20 pizzas. C. 10 pizzas. D. 15 pizzas.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Answer the next question on the basis of the following information about the hypothetical economy of Asland. All figures are in millions.Unemployed7Total population145Employed95Discouraged workers3The labor force in Asland is
A. 105 million. B. 95 million. C. 102 million. D. 145 million.