Which of the following was NOT a reason why the signing and enforcement of the Montreal Protocol was relatively easy?
A. The production of substitutes for the CFCs appeared to be technologically unfeasible.
B. The scientific evidence about the threat that chlorofluorocarbon compounds (CFCs) posed to the ozone was clear.
C. Production of CFCs was concentrated primarily in a few large publicity-conscious firms in the European Union (EU) and the United States.
D. The United States and the EU were less likely to be affected by ozone depletion because they are further from the equator than other countries.
Answer: A
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A perfectly competitive firm's output is currently such that its marginal revenue is $5 and marginal cost is $4. Assuming profit maximization, the firm should
A. cut price and increase output. B. raise price and decrease output. C. leave price unchanged and decrease output. D. leave price unchanged and increase output.
In Figure 8.2, an increase in the cost of an input in the production process is best represented as a movement from point
A. A to point C. B. C to point B. C. A to point B. D. B to point A.
Assume it takes 5 units of labor to produce 10 units of output. When the price of labor is $5 per unit and fixed costs equal $100, what is the total cost of those 10 units of output?
A. $125 B. $150 C. $600 D. $500
A monopsonist purchaser of labor that could negotiate a different wage for each worker could
A) purchase less labor than a regular monopsonist. B) purchase more labor than a regular monopsonist. C) rotate the marginal expenditure curve to the left. D) shift the marginal expenditure curve to the left.