Which of the following is a characteristic of a perfectly competitive seller's demand curve?
A. Price and marginal revenue are equal at all levels of output.
B. Average revenue is less than price.
C. Its elasticity at all levels of output is 1.
D. It is the same as the market demand curve.
A. Price and marginal revenue are equal at all levels of output.
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If the number of ITQs issued equals the efficient production level, what is the price of an ITQ?
What will be an ideal response?
Net exports
a. are the second largest component of total spending b. are already included in measures on consumption, investment, and government spending c. are a source of total spending on U.S. output d. are always positive; i.e., total exports always exceed total imports e. are always positive; i.e., total imports always exceed total exports
As compared to a pollution tax, a command-and-control policy will increase production costs by a ________ amount and increase equilibrium price by a ________ amount.
A. larger; larger B. larger; smaller C. smaller; larger D. smaller; smaller
Which of the following will cause a real depreciation?
A) an increase in E B) a reduction in P C) a reduction in P D) all of the above E) none of the above