Menell's study showed that in terms of effectiveness,
A) mandatory separation of recyclables was best, followed by curbside charges and finally refundable deposits.
B) mandatory separation of recyclables was best, followed by refundable deposits and finally curbside charges.
C) curbside charges were best, followed by refundable deposits and finally mandatory separation of recyclables.
D) curbside charges were best, followed by mandatory separation of recyclables and finally refundable deposits.
E) refundable deposits were best, followed by curbside charges and finally mandatory separation of recyclables.
E
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In the above figure, the initial supply of loanable funds curve is SLF0 and the initial demand for loanable funds curve is DLF0. An economic expansion that raises disposable income and the expected profit would
A) only shift the supply of loanable funds curve rightward to a curve such as SLF1. B) shift the supply of loanable funds curve rightward to a curve such as SLF1, and shift the demand for loanable funds curve rightward to a curve such as DLF1. C) only shift the demand for loanable funds curve rightward to a curve such as DLF1. D) have no effect on either the demand for loanable funds curve or the supply of loanable funds curve.
In the long run, a firm in monopolistic competition will
A) make a negative economic profit, that is, an economic loss. B) make zero economic profit, that is, a normal profit. C) make a positive economic profit. D) None of the above answers is necessarily correct because the amount of the profit or loss depends on the slope of the demand curve.
Economic efficiency is achieved when there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and
A) the difference between consumer surplus and producer surplus is maximized. B) economic surplus is minimized. C) consumer surplus plus producer surplus is maximized. D) economic surplus plus consumer surplus equals producer surplus.
To maximize profit, a firm will produce the level of output where MR = MC. If a firm actually makes a profit depends on the relationship of price to average total cost
What are the three possible relationships between price and average total cost that determine if a firm will make a profit, experience a loss, or break even?