According to the dual-control approach, states set abatement levels for existing stationary sources below the EPA-administered standard for new sources. The "new source bias" associated with this approach is that
a. firms have an incentive to shut down their businesses
b. states have an economic motive to set very stringent standards for existing sources
c. firms have an incentive not to start new construction and instead remain in older, existing facilities
d. the EPA has an incentive to set lenient standards for new sources
c. firms have an incentive not to start new construction and instead remain in older, existing facilities
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In which of the following types of auctions can bidders NOT see each other's bid?
A) English auction B) Dutch auction C) Silent auctions D) Sealed-bid auction
If the shopkeeper goes first and quotes a low price, what is the best response of the customer?
a. Accept the low price happily b. Walk away from the deal c. Slam the storeowner's door on the way out d. Laugh at the storeowner
The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that:
a. gasoline is an economic good but water is not. b. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. c. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. d. the total utility of gasoline exceeds the total utility of water.
According to economists, "money" means the same thing as "wealth"
a. True b. False Indicate whether the statement is true or false