The price that a monopolistically competitive firm will charge depends on what its competitors charge.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 5-7. Which of the following statements is true?
A) The optimal quantity of pollution reduction is QB. B) The optimal quantity of pollution reduction is QE. C) At QE the benefits of reducing pollution outweigh the cost of pollution reduction. D) At QB society is under allocating resources to pollution reduction.
An increase in both equilibrium price and quantity could be produced by a(n)
a. decrease in supply, with demand constant b. increase in supply, with demand constant c. decrease in demand, with supply constant d. increase in demand, with supply constant e. rise in resource prices
Using the resource cost-income approach, indirect business taxes have to be added to get gross domestic product because the
a. selling price of a product includes these taxes, which are income to the government . b. selling price of a product includes these taxes, which are resource payments. c. selling price of a product excludes these taxes and therefore they have to be added. d. selling price includes these taxes which are actually not income to any sector of the economy.
Refer to the above figure. A minimum wage has been set at WM. The amount of unemployment is
A. zero. B. at Qe. C. QSÂ minus QD. D. not computable from the information given.