Suppose the Environmental Protection Agency issues pollution permits in order to limit the quantity of pollution. Under this policy, is the supply of pollution rights perfectly elastic or is it perfectly inelastic?
The supply is perfectly inelastic.
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The Federal Trade Commission is charged with protecting consumers from false and misleading advertising
a. True b. False Indicate whether the statement is true or false
In the United States, monetary policy is formed by:
A. the President and approved by Congress. B. committee. C. the Chairman of the Federal Reserve and can only be overturned by the presidents of the Regional Federal Reserve Banks. D. an individual advised by a close group of people.
In game theory, actions such as cheating that focus solely on short-run gains are referred to as
A) territorial behavior. B) tit-for-tat strategic behavior. C) predatory behavior. D) opportunistic behavior.
Why do economists refer to the pricing strategies of oligopoly firms as a prisoner's dilemma game?
What will be an ideal response?