Refer to the graph below showing a linear demand curve for a monopolist. Which of the following statements is correct?
A. The area 0QVS is greater than the area 0RWT
B. The demand curve has unit price elasticity at W
C. The price elasticity of demand is less at U than at V
D. The price elasticity of demand is greater at W than at V
A. The area 0QVS is greater than the area 0RWT
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Explain import substitution
What will be an ideal response?
Public goods differ from private goods in that
a. they produce negative externalities b. they are not scarce c. the benefits they generate cannot be denied to anyone d. their consumption must be regulated by the government e. their benefits are restricted to the one individual consuming the good
Which one of the following is normally the cheapest way to address water shortages?
a. Expanded development of groundwater aquifers b. Desalination c. Building dams d. Water conservation efforts e. Creating a system of property rights
Explain why national income and domestic product must be equal.
What will be an ideal response?