Economists argue that individuals should continue to consume until total benefit equals total cost
Indicate whether the statement is true or false
FALSE
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Recycling efforts such as those exemplified by BMW's Design for Disassembly (DFD) program
a. permanently diminish the flow of residuals back to nature b. are not represented in the materials balance model c. represent short-term conversion of residuals into recycled materials or goods d. reduce the amount of wastes returned to nature in the long-run
Explain what is meant by the term ceteris paribus. Why is this concept often used in economic models?
What will be an ideal response?
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch. 
If before Tracy chose, Amy could make a credible commitment to choose either the top or bottom branch when her turn came, then we would expect Tracy to get a payoff of ________ and Amy to get a payoff of ________.
A. 300; 200 B. 125; 125 C. 75; 150 D. 25; 225
Two firms producing identical products may merge due to the existence of:
A. economies of scale. B. cost complementarities. C. economies of scope. D. All of the statements are correct.