Air pollution generated by a steel mill is an example of
A. a negative production externality.
B. the free-rider problem.
C. a positive production externality.
D. a public good.
Answer: A
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A move from E to F represents
A. a change in quantity supplied.
B. no change in supply.
C. an increase in supply.
D. a decrease in supply.
If the cross-price elasticity of demand for two goods is -4.5, then
a. the two goods are substitutes. b. the two goods are complements. c. one of the goods is normal while the other good is inferior. d. one of the goods is a luxury while the other good is a necessity.
Suppose the MC Hammer Company produces hammers. The number of hammers it can produce each hour depends on the number of workers it hires, as shown in the accompanying table. In addition, each hammer can be sold for $2 more than the cost of the materials needed to produce it.Number of workers per hourNumber of hammers per hour00120236348456560 If the hourly wage for people who make hammers is $17 per hour, then how many workers should the MC Hammer Company hire each hour?
A. 2 B. 1 C. 3 D. 4
A decrease in the demand for musicians ________ the number of musicians employed, and ________ the wages paid to musicians.
A. increases; increases B. increases; decreases C. decreases; increases D. decreases; decreases