Refer to Figure 5-16. How much is Bree willing to pay per street light to have 4 street lights installed?
A) $1,500 B) $1,800 C) $2,700 D) $7,200
B
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The tragedy of the commons can be solved by:
a. turning the good into a public good b. government regulation or taxation to prevent overconsumption c. both of the above d. neither of the above
A decrease in supply will cause the smallest increase in price when
a. both supply and demand are inelastic. b. demand is elastic and supply is inelastic. c. both supply and demand are elastic. d. demand is inelastic and supply is elastic.
In the process of creating an internal structure, "assess relative value" is done after _____.
A. determining what to value B. collecting and summarizing job content information C. translate into structure D. job evaluation
Oligopolists that follow the price leadership model:
A. are engaging in implicit, but not explicit, price fixing. B. are violating antitrust laws. C. have chosen to follow the grim-trigger strategy. D. will be unable to overcome the duopolists' dilemma because firms will have an incentive to underprice the firm that is the price leader.