Unlike nonrenewable resources, the timing of extraction of renewable resources are independent of the market rate of interest
a. True
b. False
Indicate whether the statement is true or false
False
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In the above table, what is the maximum price that consumers are willing to pay for the 200th brownie?
A) 0 B) 20¢ C) 60¢ D) 80¢
In the late 1960s, economist Edmund Phelps published a paper that
a. argued that there was no long-run tradeoff between inflation and unemployment. b. disproved Friedman's claim that monetary policy was effective in controlling inflation. c. showed the optimal point on the Phillips curve was at an unemployment rate of 5 percent and an inflation rate of 2 percent. d. argued that the Phillips curve was stable and that it would not shift.
Suppose that the current equilibrium price of silver is $20 per ounce. If silver is produced under conditions of perfect competition and the industry is in long-run equilibrium, the average total cost of producing silver:
A. exceeds $20 per ounce. B. is less than $20 per ounce. C. is $20 per ounce. D. is indeterminate.
Table 25.2Pool SweeperOutput (Revenue)Market Share (%)North Star$20,000 Hurricane$16,000 Blue Lagoon$2,000 Clean Sweep$2,000 Refer to Table 25.2. Assume there are only four firms in the pool sweeper industry. What is the market share for Blue Lagoon?
A. 50 percent. B. 20 percent. C. 5 percent. D. 10 percent.