Pollution is caused by a market failure, in an industry in which there is
A) unemployment.
B) an over-allocation of resources in production.
C) excess demand.
D) excessive cost borne by the firm.
B
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A downfall of the infant-industry argument is that
a. most industries need protection when they are mature, not when they are first established. b. the amount of the tariff is unlikely to have much impact on the success of an infant industry. c. once a tariff is granted, political pressure will likely force withdrawal of the tariff before the industry matures. d. once established, a tariff is politically difficult to remove.
Sweden and Norway would best be described as _______ countries.
A. Capitalist B. Fascist C. Communist D. Socialist
The demand curve for a product shows the quantity that
a. sellers are willing to sell at a particular price. b. buyers are willing and able to purchase at various prices c. buyers purchase in the market d. buyers are able to purchase at a particular price.
Average variable cost equals:
A. total fixed cost plus total variable cost. B. average total cost minus average fixed cost. C. average total cost plus average fixed cost. D. total cost minus average cost.