Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 It would cost Firm X ________ to reduce emissions by one ton if it currently emits 3 tons, and ________ to reduce emissions by one ton if it currently emits 2 tons.
A. $14; $16
B. $30; $55
C. $16; $25
D. $14; $25
Answer: C
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If both firms in a duopoly cheat on a collusive agreement, the price ________ and both firms are ________
A) falls; better off B) rises; worse off C) falls; worse off D) rises; better off
Which of the following is an economic argument used to explain why slavery persisted in the U.S.?
(a) Slavery crushed out individualism among slaves. (b) The social structure of slavery did not permit black leaders to lead revolts. (c) Slavery was an overall moral institution. (d) Slavery was a rational institution.
According to the graph shown, when this economy is open to free trade without restriction, the amount imported is:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
A. 900.
B. 1250.
C. 650.
D. 1000.
Consumer will always consume more of a good if their income increases
a. True b. False Indicate whether the statement is true or false