The key explanation for the prevalence of waterway pollution is
a. the inclusion in production of all costs involving use of the waterway.
b. that there are private costs but no costs to society.
c. that waterways are not private property and can be used free of charge.
d. that waterways are subject to the market's normal control procedures.
c
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A firm would decide to shut down if its production resulted in
A) AFC > AVC. B) MR < AVC. C) ATC > AVC. D) MR < ATC.
Situation 35-2 ? Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 35-2. Ann spends 8 hours of each day producing and 1 hour of each day stealing. It is probably the case for her that
A. at some point the MB/MC ratio for producing fell below the MB/MC ratio for stealing. B. her MB/MC ratio for producing was always greater than her MB/MC ratio for stealing. C. her MB/MC ratio for producing never changed, no matter how much or how little she produced. D. her MB/MC ratio for stealing never changed, no matter how much or how little she stole. E. There is not enough information to answer the question.
The assumption that wages adjust more slowly than prices implies that the Phillips Curve
A) exists in the short-run. B) exists in the long-run. C) is vertical. D) does not exist.
Which of the following statements is NOT true of the VIX?
A) It is calculated based on prices of call and put options of the S&P 500. B) Investors who want to hedge against stock market volatility can sell VIX options. C) A VIX of 10 indicates investors expect the S&P 500 to fluctuate by 10% at an annual rate over the next 30 days. D) The VIX is a measure of fear in the stock market.