Which of the following is not a typical solution to the "Tragedy of the Commons?"
a. taxing the use of the common resource
b. turning the common resource into a club good
c. turning the common resource into a private good
d. regulating the use of the common resource
b
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In the short run if TR < TC, a perfectly competitive firm will always shut down.
Answer the following statement true (T) or false (F)
Ilona’s country has five factories. In contrast, Hassan’s country has 100 factories. How will productivity in each country be impacted if each country builds two new factories?
a. Both Ilona’s and Hassan’s countries will experience a major increase in productivity. b. Hassan’s country will experience a relatively large increase in productivity, while Ilona’s country will experience a relatively small increase in productivity. c. Ilona’s country will experience a relatively large increase in productivity, while Hassan’s country will experience a relatively small increase in productivity. d. Neither Ilona’s nor Hassan’s country will experience an increase in productivity.
If the equilibrium price of corn is $3 a bushel and the government imposes a floor of $4 a bushel, the price of corn will _______________________.
A. Increase to $4 B. Remain at $3 C. Rise to about $3.50 D. Be impossible to determine
Figure 5-14
Martha initially buys the combination of pens and pencils shown as A in Figure 5-14. After the prices of both goods change, she buys combination B. It must be true that
a.
Martha prefers A to B.
b.
Martha prefers B to A.
c.
Martha is indifferent between A and B.
d.
Martha's preferences between A and B cannot be determined from the information given.