If the supply curve is ________, the elasticity of supply is ________
A) vertical; infinite
B) vertical; 0
C) horizontal; 1
D) horizontal; 0
E) a straight, upward sloping line through the origin; 0
B
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Based on this information, what would be the national standard for an allocatively efficient abatement?
Hypothetically, suppose a recent study of hazardous waste abatement (A) arrives at the following national estimates for abating chemical solvents: MSB = 100 – 0.75A and MSC = 20 + 0.50A, where A is measured in millions of tons per year, and costs are measured in millions of dollars.
An international division of labor will have no effect on total world output because resources are limited
Indicate whether the statement is true or false
The immediate impetus for the establishment of the Federal Reserve System came from
a. severe outbreaks of inflation in the early 1900s. b. four severe banking panics between 1873 and 1907. c. the discovery of gold in Alaska. d. the desire to copy the founding of the Bank of England.
In a graph of a typical firm's AFC, ATC, and AVC curves, the
A. AVC curve crosses the MC curve at the point where the MC is at its minimum. B. distance between the ATC curve and the AVC curve equals the AFC. C. distance between the AVC curve and the AFC curve equals the ATC. D. AVC curve lies above the ATC curve.