The costs that we avoid by not eliminating pollution while being able to enjoy the goods that create the pollution are the social benefits of pollution.
Answer the following statement true (T) or false (F)
True
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A perfectly competitive firm does not try to sell more of its product by lowering its price below the market price because
A. its competitors would not permit it. B. its demand curve is inelastic, so total revenue will decline. C. this would be considered unethical price chiseling. D. it can sell all it wants to at the market price.
If society leaves some of its resources unemployed, then it will be operating at a point:
a. beneath its production possibilities curve. b. at a corner of its production possibilities curve. c. anywhere along its production possibilities curve. d. outside of its production possibilities curve.
A monopolist hires fewer workers than a perfectly competitive industry, other things being equal, because
A) a monopolist has to pay higher wages in order to attract additional workers. B) the monopolist substitutes more capital for labor when compared to a competitive industry. C) the monopolist producer has to deal with unions and face higher wages than do competitive industries. D) the monopolist produces less output than a competitive industry.
Refer to the information provided in Figure 20.5 below to answer the question(s) that follow.
Figure 20.5Refer to Figure 20.5. The domestic price of oil is $130 per barrel. If the world price of oil is $135 per barrel, this country will
A. import 9 million barrels. B. export 14 million barrels. C. import 23 million barrels. D. export 5 million barrels.