Imposing the same standards on high- and low-income countries can be a problem because
A) it widens the market and lowers prices.
B) there are no economies of scale for low-income countries.
C) high-income countries have few environmental problems.
D) low-income countries may have less ability to enforce standards.
D
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Which of the following explains why the marginal cost pricing rule results in an economic loss for a natural monopoly?
A) The ATC curve is downward sloping throughout the relevant range, therefore the MC is lower than the ATC. B) The demand curve is downward sloping, therefore price falls as quantity increases. C) The MC is constant and equal to price. D) Because output is determined by setting MC equal to the price, consumer surplus is maximized. E) The firm's MR is always less than its price.
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. firms are positive but not large economic profit. B. the firm is earning negative economic profit. C. the firm is earning zero economic profit. D. price falls to marginal cost.
What does the phrase "jobless recovery" refer to?
A. It refers to a recovery from a recession which does not produce strong growth in employment. B. It refers to a situation in which rising productivity has made it possible for firms to reduce their workforce and increase output at the same time. C. It refers to the phenomenon where U.S. firms move their production abroad, thereby destroying jobs in the domestic market and creating new jobs in foreign markets. D. It refers to a situation in which a worker's real wage falls despite increases in productivity.
A decrease in total revenue will result if
A) demand is inelastic and price increases. B) demand is elastic and price increases. C) demand is elastic and price decreases. D) demand is unitary elastic and price decreases.