Markets without externalities create pollution
Indicate whether the statement is true or false
F
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The relationship between income and consumption illustrated in the figure above is
A) positive and linear. B) positive and nonlinear. C) negative and linear. D) negative and nonlinear.
In the real world
A) many firms charge different prices based on consumers' willingness to pay. B) all sellers charge one price set by the government. C) profitable sellers will set one price based on the average elasticity of demand of buyers. D) all sellers charge one price equal to the marginal cost of production.
If a $1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic
a. True b. False
The U.S. dollar is a good example of fiat money
a. True b. False Indicate whether the statement is true or false