Cleaning an environment may lead to
a. less production.
b. higher prices.
c. lower incomes.
d. all of the above.
d
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Compared to monopoly pricing, an optimal two-part tariff
A) equates marginal revenue and average revenue. B) reduces economic efficiency. C) eliminates the deadweight loss. D) increases consumer surplus.
In 2005, fewer than one million workers were involuntarily employed on a part-time basis
Indicate whether the statement is true or false
Which of the following is explained by the price elasticity of demand for a product?
a. The effect of changes in price on the supply of the product b. The effect of changes in quantity on the supply of the product c. The effect of changes in quantity on the price of the product d. The effect of changes in price on the quantity demanded of the product e. The effect of changes in price on the quantity supplied of the product
When making decisions, economists believe that individuals act rationally if they: a. seek to improve their own situations and not try to anticipate future consequences of their actions
b. only pursue the goals of the community. c. people do the best they can, based on their values and information, under current and future circumstances. d. always choose alternatives that offer the greatest financial reward.