The above figure shows the U.S. market for replacement cell phone batteries. With free trade, U.S. production is equal to ________ batteries per year. When a $2 tariff is in place, U.S. production is equal to ________ batteries per year
A) 100,000; 300,000
B) 100,000; 500,000
C) 300,000; 100,000
D) 300,000; 500,000
E) 900,000; 700,000
A
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Refer to Common Property II. Suppose the common property becomes privately owned. If the owner behaves competitively, what entrance fee would he charge for the right to use the property?
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. PC.
b. PC - P1.
c. P2 - PC.
d. P2 - P1.
What is Rawlsian justice?
What will be an ideal response?
If the annual returns from an asset increase, the present value of the asset will
a. not be affected b. decrease c. increase d. increase only if there is also an increase in the rate of interest e. decrease only if there is also an increase in the rate of interest
The paintings of a world famous artist Vincent Van Gogh have a price elasticity of supply
A) equal to 2.0. B) equal to 1.0. C) close to 0.0. D) approaching infinity.