Garrett Hardin, author of the original article on the tragedy of the commons in 1968, argued then that solving environmental problems would
a. rely on quotas and trade agreements.
b. redefine international security.
c. require a strong international government.
d. primarily require the cooperation of a few superpowers.
c. require a strong international government
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Roaring Lion Studios can produce DVDs at a constant marginal cost of $5 per disk, and the studio has just releasing the DVD for its latest hit film, Ernest Goes to the Hamptons
The retail price of the DVD is $25, and the elasticity of demand for this film is -2. Has the studio selected the profit-maximizing retail price for this DVD? A) Yes B) No, the retail price is too low C) No, the retail price is too high D) We do not have enough information to answer this question.
Which of the following is true about long-run equilibrium in a monopolistically competitive market?
a. Firms earn zero economic profit because price equals long-run average cost, but the equilibrium is not allocatively efficient because price exceeds the marginal cost of the last unit produced. b. They may earn negative, zero, or positive economic profit because monopolistically competitive firms are price takers. c. Each firm faces a perfectly elastic demand curve and earns zero economic profit because price equals long-run average cost, and are allocatively efficient because price equals marginal cost for the last unit sold. d. None of the above are correct.
Which of the following statistics is usually regarded as the best single measure of a society's economic well-being?
a. the unemployment rate b. the inflation rate c. gross domestic product d. the trade deficit
Refer to the given table. The total change in consumption resulting from the initial change in investment will
A. $100.
B. $96.
C. $180.
D. $80.