Albro Martin and the text contend that the work of the Interstate Commerce Commission was largely for the benefit of _________
a. consumers
b. the environment
c. the federal government
d. major shippers
d. major shippers
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If a producer is willing to receive at least $3 for a pen that she manufactures but she actually receives $8 for it. The producer surplus of the pen for that producer is
A. $2. B. $5. C. -$5. D. $9.
When there are two goods (X and Y), the consumer's optimum is typically found by locating the basket where the marginal value of X in terms of Y equals PX/PY. Explain in words what this equality means, and describe two situations where the consumer's optimum is not characterized by this equation.
What will be an ideal response?
The total product curve shows the relationship between total product and
A) cost. B) the quantity of labor. C) the average product. D) the marginal product. E) the marginal cost.
Based on economic theory, which statement is incorrect regarding the causes of pollution?
A. A pricing system failure B. The public interest requires that pollution to be reduced below its market level. C. A firm pollutes the air and water because it is not charged for their use. D. The levels of pollution in former centrally planned economies are better maintained than in market economies.