In assessing Superfund, we observe
a. a market-based approach to waste site clean-up
b. the use of benefit-cost analysis to determine abatement levels
c. inefficiency due to uniform site cleanup
d. weak legal standards to identify PRPs
c. inefficiency due to uniform site cleanup
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Which of the following helps explain why the law of supply exists?
A) Larger outputs result in lower costs of production. B) The law of increasing opportunity cost C) The costs of production remain constant throughout all levels of output. D) Sellers realize that if the price increases, they make larger profits and do not need to change their production. E) The law of demand
Economists agree that a monopolistically competitive market structure
A) lowers consumer utility because consumers pay a price higher than the marginal cost of production. B) is detrimental to society because it leads to a waste of scarce resources. C) benefits consumers because firms produce products that appeal to a wide range of consumer tastes. D) can eliminate any excess capacity if all firms in the industry devote more funds to differentiating their products.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3. B. -3/4. C. -1.5. D. -20.
Refer to the diagram. At the price $.80 for 1 euro:
The following diagram is a flexible exchange market for foreign currency:
A. the quantity of euros demanded equals the quantity supplied.
B. the dollar-euro exchange rate is unstable.
C. the dollar price of 1 euro equals the euro price of 1 dollar.
D. there will be a surplus of euros in the foreign exchange market.