What is the best example of the federal government using regulation to control pollution?
a. implementation of the gasoline tax
b. vehicles required to have catalytic converters
c. a consumer who installed a filter on his wood furnace
d. a toll assessed on certain bridges
b. vehicles required to have catalytic converters
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In order to maximize profits in the short run, a price taker should always produce at the output level where marginal cost is equal to price.
Answer the following statement(s) true (T) or false (F)
When trade is possible, each country can produce the goods that it has:
A. a comparative advantage at producing, rather than the exact combination of goods its consumers want. B. an absolute advantage at producing, rather than the goods it has a comparative advantage in. C. an absolute advantage at producing, rather than the exact combination of goods its consumers want. D. a comparative advantage at producing, rather than the exact combination of goods its producers want.
When a firm hires labor up to the point where the wage is equal to the value of the marginal product of labor, it is
a. minimizing labor costs. b. guaranteeing that labor costs do not exceed fixed costs. c. maximizing the number of workers it can hire and still experience a positive profit. d. maximizing profit.
The optimal number of workers for a perfectly competitive firm to hire occurs when
A. diminishing marginal productivity is first experienced. B. the wage rate equals the marginal product of the last worker. C. the wage rate equals the value of marginal product of the last worker. D. total labor cost equals total revenue.