The minimum point of the average variable cost curve is reached at the output level where:
A. marginal product is maximized.
B. neither marginal nor average product is maximized.
C. average and marginal products are maximized.
D. average product is maximized.
Answer: D
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The price elasticity of demand for movies is approximately 1 and 500,000 tickets are sold per day. If the average price of a movie ticket increases by 20 percent, the number of tickets sold each day decreases to ________
A) 400,000 B) 300,000 C) 420,000 D) 475,000
The single source of monopolies is economies of scale.
Answer the following statement true (T) or false (F)
Answer the following statement(s) true (T) or false (F)
1. Standard setting under the Safe Drinking Water Act Amendments of 1996 ignores benefit-cost analysis. 2. The EPA under the Obama administration devised a Drinking Water Strategy with goals that include addressing contaminants as groups instead of one at a time. 3. Under the law, priority contaminants are those that are expected to have an adverse effect on the ecology. 4. Under U.S. law, National Primary Drinking Water Regulations (NPDWRs) have been announced for hundreds of chemicals, microorganisms, and radionuclides. 5. Each National Primary Drinking Water Regulation (NPDWR) includes a Maximum Contaminant Level Goal (MCLG), a Maximum Contaminant Level (MCL), and Best Available Technology (BAT).
A tax on an imported good is called a
a. quota. b. tariff. c. supply tax. d. trade tax.