Answer the following statement(s) true (T) or false (F)
1. The benefit received from using or accessing an environmental good is known as user value.
2. If an individual receives utility from enjoying the view of a mountain range, that mountain range is said to provide indirect user value to the individual.
3. If an individual enjoys swimming in the ocean, the ocean generates existence value to the individual.
4. Stewardship refers to a sense of obligation to future generations to preserve the environment.
5. The approach that estimates benefits according to a technical relationship between a resource and a user of the resource is called the behavioral linkage approach.
1. True
2. True
3. False
4. True
5. False
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Deflation is a situation in which the:
A. prices of most goods and services are rising over time. B. quantity of goods and services produced is increasing over time. C. prices of most goods and services are falling over time. D. quantity of goods and services produced is decreasing over time.
The above figure represents the demand and marginal revenue curves for Sue's Seafood, a seller of fresh fish
a. Over what range of output is demand elastic? b. Over what range of output is demand inelastic? c. What price maximizes total revenue? d. What is the price elasticity of demand at the revenue maximizing price?
Total revenue is maximized where demand is inelastic
a. True b. False
When price equals marginal cost
A) firms make zero profits. B) firms make positive profits. C) the industry is in long-run equilibrium. D) the marginal benefits of consuming an extra unit of the good exactly equals the marginal cost to society of producing the good.