An increase in demand will cause
a. an increase in supply.
b. a decrease in supply.
c. an increase in quantity supplied.
d. a decrease in quantity supplied.
e. a decrease in equilibrium price.
C
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If MSC = 20 + 0.75A, where MSC is in millions of dollars, and A is the percentage of mercury emissions abatement, then
a. marginal social cost is $7.5 million when 10 percent of mercury emissions are abated b. the MSC function graphs with a horizontal intercept of 20 c. MSC equals $35 million if 20 percent of mercury is abated d. TSC must be declining with higher abatement levels
Decreasing returns to scale
A) indicate that an increase in all inputs by some proportion will result in a decrease in output. B) must always occur at some point in the production process. C) are directly related to the law of diminishing returns. D) All of the above are true. E) None of the above is true.
At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . Assuming that the wheel is fair, what is the expected value of the play?
a. $20 b. $40 c. $60 d. $80
For developing countries:
A. it is best if they avoid trade until ready to compete globally. B. encouraging imports only tends to be more successful than encouraging exports. C. encouraging exports only tends to be more successful than encouraging imports. D. trade can be a major source of development.