As of 2013, the Environmental Protection Agency considers $9.7 million to be the
A. true value of any human life.
B. total economic value of clean air regulations.
C. value of a statistical life.
D. daily cost of cleaning up water pollution.
Answer: C
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In the figure above, with no government involvement and if the colleges are competitive, what is the tuition?
A) $10,000 per year B) $14,000 per year C) $8,000 per year D) $16,000 per year
A monopoly will maximize profits at the level of output at which
A) MR = MC. B) MR = AFC. C) MC = ATC. D) MC = P.
Economists assume that the goal of the firm is to maximize total
a. revenue. b. profits. c. costs. d. satisfaction.
Figure 4-2
Given the demand and supply conditions shown in , if the government imposes a price ceiling of a, indicate the quantity consumers would like to buy and the amount producers would be willing to supply.
a.
Consumers would want to buy t; producers would be willing to sell r.
b.
Consumers would want to buy r; producers would be willing to sell t.
c.
Consumers would want to buy t; producers would be willing to sell s.
d.
Consumers would want to buy s; producers would be willing to sell s.