The demand for bus service is perfectly elastic at a price of $1.00 a ride. The table above shows the bus company's marginal cost and the marginal social cost of the bus service. The competitive quantity of bus rides per week is ________
A) 100
B) 200
C) 300
D) 500
C
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If more people buy hybrid cars that have high gas mileage, the equilibrium price of gasoline will ________ and the equilibrium quantity will ________
A) rise; increase B) rise; decrease C) fall; increase D) fall; decrease
A country opens up to trade and exports computer chips. In the computer chip market, surplus has been redistributed from
A) consumers to producers. B) producers to consumers. C) producers to government. D) government to consumers.
The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the
a. amount of the other good that must be given up. b. market price of the additional amount produced. c. amount of resources that must be devoted to its production. d. number of dollars that must be spent to produce it.
Which one of the following statements is true?
a. A static reserve index will indicate a longer resource lifetime than an exponential reserve index b. An exponential reserve index indicates a longer resource lifetime than a static reserve index c. Eventually all sub-economic reserves of non-renewable resources will be depleted d. Eventually all physical reserves of non-renewable resources will be depleted e. Sub-economic resources or reserves can never become economic resources or reserves f. All of the above. g. None of the above.