A common resource is:
A. rival in consumption and excludable.
B. not rival in consumption, but excludable.
C. rival in consumption, but not excludable.
D. not rival in consumption and not excludable.
C. rival in consumption, but not excludable.
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Geographic areas in which pollution is greater than what is allowed by national ambient air quality standards are referred to as
a. mobile source areas b. prevention of significant deterioration (PSD) areas c. nonattainment areas d. air quality control regions (AQCRs)
This Application illustrates
A) how U.S. domestic manufacturers of auto parts have been adversely affected in recent years. B) that U.S. parts manufacturers are now facing increasing global pressures. C) the trade-offs inherent in a global economy. D) all of the above.
In the above figure, for a single-price monopolist producing at its profit-maximizing equilibrium price and quantity, the price elasticity of demand at this equilibrium will be
A) greater than 1 and the monopolist's total revenue is maximized. B) less than 1 and the monopolist's economic profit could be larger. C) equal to 1 and the monopolist's total revenue is maximized. D) greater than 1 and the economic profit is maximized but the total revenue is not.
The minimum wage laws seek to
A. assure that all workers are paid the same wage rate. B. help teenagers find work. C. assure a minimum standard of payment for work. D. penalize employers that are not complying with labor laws.