________: shift in the demand curve caused generally by changes in the prices of complements or substitutes, income, and tastes and preferences
Fill in the blank(s) with correct word
Change in demand
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Refer to Figure 9-3. What is the area of domestic producer surplus without a quota?
A) A + B + C B) C C) A + B + C + D D) C + B
A tax on pollution would: a. increase the quantity of pollution generated by giving firms the right to pollute. b. result in firms polluting the same amount as before the imposition of a tax. c. decrease the quantity of pollution generated
d. have an indeterminate impact on pollution levels.
The average total cost curve of a natural monopoly is always
A. upward sloping. B. horizontal. C. downward sloping at all points. D. downward sloping where it crosses the market demand curve for the good.
Suppose that in 2012 ABC Corp. produced 500 million units of a good at an average cost of $2, and in 2013 ABC Corp. expanded its plant capacity and produced 600 million units at an average cost of $1.80. In this range, one can conclude that ABC Corp. is experiencing:
A. economies of scale. B. diseconomies of scale. C. neither economies of scale nor diseconomies of scale. D. diminishing marginal product.