In which of the following cases does the tragedy of the commons occur? I. Cattle grazing on private ranches. II. Catching lobsters off the coast of Florida. III. Raising salmon on salmon farms. IV. Using legal services provided by the courts
A) I only
B) II only
C) II and III only
D) I and IV only
B
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Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Compare the conditions in the market when the price is $50 and when the price is $35. Which of the following describes how the market differs at these prices?
A) The difference between quantity supplied and quantity demanded is greater at $50 than at $35. B) At each price there is a surplus; firms will lower the equilibrium price in order to eliminate the surplus. C) At each price the supply of tote bags exceeds that demand for tote bags. D) At each price there is a surplus; the surplus is greater at $35 than at $50.
Assuming the economy is in a recession, Keynesian economists predict that lower wages will shift the short-run aggregate supply curve rightward
a. True b. False Indicate whether the statement is true or false
Refer to Figure 8.3. What is the average cost of producing 290 units of output?
A. $9
B. $2,500
C. $8.62
D. $7.77
Stricter laws and regulations to protect intellectual property rights
A) will help to create a more successful market system. B) will only benefit those companies whose intellectual property rights have in the past been ignored. C) will tend to have little impact on an economy since intellectual property is not tangible. D) will create a stronger and more successful black market for intellectual property.