Which of the following represents a perfectly competitive farmer's demand curve for hired hands?
a. her ATC curve
b. her AVC curve
c. her MRP curve
d. her MRC curve
e. her AFC curve
C
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What is a cap-and-trade policy? (Be certain to mention marketable permits.) Suppose there are two firms in an area, each emitting tons of sulfur
The government decides on a target level of 200 tons of sulfur, and gives each firm a permit to emit 100 tons of sulfur. Suppose Firm A is very efficient and can reduce pollution by 100 tons with an abatement cost of $500. Firm B has an older plant, so it will cost Firm B $1,000 to reduce emissions by 100 tons. What will occur with marketable permits?
In a democratic setting, debt financing is attractive to elected political officials because
a. it makes it possible for them to spend on current projects favored by their constituents without having to levy current taxes. b. it drives up interest rates, which encourages saving. c. it leads to higher taxes in the future, which will tend to slow economic growth. d. it makes the cost of government more visible, which will help voters allocate government spending more efficiently.
A monopoly firm will sell ________ output and charge a ________ price than a perfectly competitive firm.
a. less; higher b. more; higher c. more; lower d. less; lower
Currency debasement occurs when
A. the government requires that a certain form of money must be accepted in settlement of debts. B. the value of money falls as a result of a rapid increase in its supply. C. items are used as money that also have intrinsic value in some other use. D. items are designated as money that are intrinsically worthless.