In the United States, the Air Quality Index (AQI)
a. measures the concentration of hazardous air pollutants through monitoring stations
b. is used only within the scientific community
c. uses numerical values and colors to communicate urban air quality
d. includes concentration data for all six criteria pollutants
c. uses numerical values and colors to communicate urban air quality
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The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. What is the marginal product from employing the fourth worker?
A) 7 pounds of peanuts B) 100 pounds of peanuts C) 400 pounds of peanuts D) 2,800 pounds of peanuts
In the above figure, Graph D with units of capital on the vertical axis and units of labor on the horizontal axis implies that
A) the marginal product of labor is increasing as more labor is employed. B) the marginal product of labor is decreasing as more labor is employed. C) the capital and labor are perfect substitutes. D) capital and labor have to be employed in fixed proportions.
If tastes for a good decreased and the price of a substitute good increased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.
The overuse of a common resource is also referred to as the free rider problem
a. True b. False Indicate whether the statement is true or false