Recall the Application about how to wash carbon out of the air to answer the following question(s).Recall the Application. What should change in the future in order for the carbon washing machines to be more widely used?
A. The technology must improve enough to drop the cost per ton of carbon washed.
B. The government must disseminate the existence of the new technology.
C. The carbon tax must decrease enough to make the carbon washing machines more practical.
D. The atmosphere must become even more polluted before it makes the technology financially viable.
Answer: A
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If a tax is levied on the buyers of a product, then there will be a(n)
a. downward shift of the supply curve. b. upward shift of the supply curve. c. movement up and to the right along the supply curve. d. movement down and to the left along the supply curve.
To answer, refer to the following:"At Huffy's ... bicycle factory, 1,700 employees turn out 15,000 bicycles a day (in 1987). Five years before, it required 2,200 workers to make 10,000 bikes daily." (The Wall Street Journal). In 1987,
A. total product was 15,000 bicycles per day. B. the average product of labor was 0.11. C. the marginal product of labor was 8.8. D. both a and b E. both a and c
If a price is above equilibrium,
A. A shortage will cause the price to rise and the quantity supplied to increase. B. A surplus will cause the price to fall and the quantity supplied to increase. C. A surplus will cause the price to fall and the quantity supplied to decrease. D. A shortage will cause the price to fall and the quantity supplied to decrease.
An important similarity between a monopolistically competitive firm and a pure monopolist is that both:
A. realize an economic profit in the long run. B. achieve allocative efficiency. C. face demand curves that are less than perfectly elastic. D. achieve productive efficiency.