According to the above figure and given that supply is intitially at S1, if steel mills ignore the cost of pollution, the equilibrium quantity of steel will most likely be
A. Q1.
B. Q2.
C. Q2 - Q1.
D. None of these.
Answer: A
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Suppose Pat's Paints is a perfectly competitive firm. If Pat's Paints' marginal revenue equals $5 per can, and Pat decides to sell 100 cans of paint, Pat's total revenue equals
A) $5. B) $100. C) $500. D) $20. E) Information on the price of a can of paint is needed to answer the question.
If labor becomes more productive, the production possibilities frontier will
A. shift to inward, toward the origin. B. remain constant, but output will increase as unemployment falls. C. shift to outward away from the origin. D. remain constant, but output will fall as less labor is needed to produce the same level of output.
What are the tools that a country can use to restrict international trade?
What will be an ideal response?
Demand deposits are essentially
A. coins and currency. B. based on gold deposits with the Fed. C. checkable deposits. D. not legally required to be available sooner than 30 days after a check is presented to a bank.