Given the supply and demand conditions illustrated in Figure 3-2, the equilibrium price of steak is
a. $2 per pound.
b. $4 per pound.
c. $6 per pound.
d. $8 per pound.
c. $6 per pound.
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If you receive $18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops $1 for each hole played, if the cost per hole is zero, how many holes of golf will you play?
A. 19 B. 18 C. 17 D. 16
If real GDP was 100 in 2015 and 104.4 in 2016, the growth rate of real GDP between 2015 and 2016 was:
A. 2.2 percent. B. 4.4 percent. C. 100 percent. D. 102.2 percent.
The supply curve for innovative activities tells us the quantity of innovative activities supplied, given their price.
Answer the following statement true (T) or false (F)
The optimal amount of air pollution is
A. a meaningless concept since we cannot monetize the environment. B. found by equating the marginal benefits from reducing pollution by one more unit with the marginal costs of reducing pollution by an additional unit. C. found by equating the total benefits from reducing pollution by one more unit with the total costs of reducing pollution by an additional unit. D. found by setting the marginal benefits from reducing pollution by one more unit equal to zero.