In the figure above in the market for high-skilled labor, the equilibrium wage rate is
A) $16.
B) $8.
C) $20.
D) $28.
D
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Economic growth may face environmental limits because:
A. economic growth may lead to less, not more, pollution. B. global environmental problems are not handled by markets or national governments. C. economic growth can take the form of new, different, and "cleaner" goods and services. D. the market mechanism mobilizes resources to deal with shortages.
Economic efficiency requires that a natural monopoly's price be
A) equal to average variable cost where it intersects the demand curve. B) equal to average total cost where it intersects the demand curve. C) equal to the lowest price the firm can charge and still make a normal profit. D) equal to marginal cost where it intersects the demand curve.
The optimal size of a project is _____
a. the one that produces the highest net benefits b. the one that has the highest ratio of benefits to costs c. the one where the distance between marginal benefits and marginal costs is greatest d. a and c
All of the following are assumptions of both market and public-sector decision making EXCEPT
A) Decisions are based on majority rule. B) Decisions are motivated by individuals' self-interest. C) Opportunity costs exist in decisions. D) Choices reflect incentives faced by decision makers.