One major characteristic of the price system is that
A) consumers together are the ones who ultimately decide what is produced.
B) individual sellers ultimately decide what is produced in the market.
C) competition among sellers is reduced.
D) all exchanges are regulated by the government.
A
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Consider the perfectly competitive firm in the above figure. What will the firm choose to do in the short-run and why?
A) shut down because the firm incurs an economic loss B) stay in business because the firm is making an economic profit C) stay in business because the firm's economic loss is less than fixed costs D) stay in business because it is making zero economic profit
Answer the following statement(s) true (T) or false (F)
1. To meet its emission reduction targets under the Kyoto Protocol, the European Union developed and instituted a greenhouse gas (GHG) allowance trading program. 2. In the United States, there is a federally enforced greenhouse gas (GHG) allowance trading program. 3. The first mandatory cap-and-trade program launched in the United States was the one established by the Western Climate Initiative (WCI). 4. In the market for fossil-fuel-based electricity, too many resources are allocated to production because the associated MSC is above the MPC. 5. The gasoline tax is the most effective type of a product charge to reduce carbon dioxide emissions.
Based on the following table, the additional cost of producing the 170th unit of output is: 
A. $10.50 B. $13 C. $11.50 D. $15 E. none of the above
A country’s trade surplus is the excess of its exports over its imports.
Answer the following statement true (T) or false (F)