An industry is said to be a natural monopoly when
a. legal barriers limit entry into the market.
b. diseconomies of scale are present in the market.
c. the market demand for the product supplied by a firm is inelastic.
d. long-run ATC continues to decline as firm size increases.
e. larger firms have higher per-unit costs than their smaller rivals.
D
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Total product divided by the total quantity of labor employed equals the
A) average product of labor. B) marginal product of labor. C) average total cost. D) average variable cost.
Suppose you are paid a wage of $50 per hour. if your marginal income tax rate is 20%, then for every additional hour you work, your after-tax wage is
A) $10. B) $20. C) $25. D) $40.
Answer the following statement(s) true (T) or false (F)
1. The Clean Air Interstate Rule (CAIR) included an annual SO2 trading program. 2. NOX contributes both to acid rain and to the formation of ground-level ozone. 3. Because NOX readily moves across state borders, a series of interstate collaborations formedover time to address the problem, but none established a trading program. 4. Two new NOX cap-and-trade programs were launched under the Clean Air Interstate Rule (CAIR). 5. RECLAIM is a California trading program that used trading credits in a regional market for sulfur oxide and nitrogen oxide.
Refer to the information provided in Figure 23.9 below to answer the question(s) that follow.
Figure 23.9Refer to Figure 23.9. Equilibrium output equals
A. 100. B. 150. C. 200. D. 300.