The demand for gasoline is expected to be more elastic in the long run than in the short run
Indicate whether the statement is true or false
T
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Two companies, Dirty Inc. and Filthy Inc., each of which has access to 5 different production processes, each of which has a different cost and produces a different amount of pollution. The daily costs of the processes and the number of tons of smoke emitted are shown in the table below.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Dirty Inc. ($/day) $110$200$380$740$1,460 Cost to Filthy Inc. ($/day) $400$430$490$580 $700If the City Council imposes a tax of $91 per day on each ton of smoke emitted, then what will be the total cost to society of the resulting reduction in pollution?
A. $180 B. $360 C. $90 D. $270
Use the following information to answer the question below. It is the custom for paper mills located alongside the Layzee River to discharge waste products into the river. As a result, operators of hydroelectric power-generating plants downstream along the river find that they must clean up the river's water before it flows through their equipment. In the situation described above, we would expect an
A. underproduction of paper in the mills. B. overproduction of paper in the mills. C. attainment of allocative efficiency in the market. D. external cost resulting from the production of hydroelectric power.
Lisa views pizzas and burritos as goods. If she prefers a bundle of 4 burritos and 4 pizzas to a bundle of 4 burritos and 5 pizzas, which property of consumer preference is violated?
What change in the assumptions could lead a rational consumer to prefer the first bundle?
The ability to make counteroffers transforms bargaining from a game in which ________ trumps everything to a game in which ________ is the winning strategy.
A. first-mover advantage; patience B. patience; first-mover advantage C. commitment strategy; self-interested behavior D. first-mover advantage; cooperation