When the Times Mirror Company purchased the right to discharge 150 tons of hydrocarbons annually from other polluters, this was an example of
A. following an incentive-based regulation.
B. following a command-and-control regulation.
C. conducting a transaction between polluters typical of those that have been carried out since the early 20th century.
D. an illegal transaction.
A. following an incentive-based regulation.
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In an oligopoly price-fixing game, each player tries to
A) minimize the market shares of its opponents. B) maximize its own market share. C) minimize the profits of its opponents. D) maximize its own profit.
A major reason for the development of money market mutual funds in the 1970s was that: a. open-market operations were suspended
b. bank deposit rates were capped at levels below market interest rates. c. money market funds offered more flexible checking privileges than banks. d. they were considered to be safer than banks. e. money markets did not exist until 1970.
Which of the following signals a normative economic statement?
a. is b. has been shown to be c. should be d. can be e. is more than
Wheat is produced in a perfectly competitive market. Market demand for wheat increases. This will cause the individual wheat farmer's marginal revenue to ________ and their profit-maximizing level of output to ________.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease