A firm in perfect competition perceives the demand curve to be downward sloping
Indicate whether the statement is true or false
False
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In the above figure, the market is at its equilibrium. Area A + area B is equal to
A) consumer surplus. B) total revenue. C) total surplus. D) marginal benefit. E) producer surplus.
Banks' asset portfolios include state and local government securities because
A) they help to attract business from these government entities. B) banks consider them helpful in attracting accounts of Federal employees. C) the Federal Reserve requires member banks to buy securities from state and local governments located within their respective Federal Reserve districts. D) there is no default-risk with state and local government securities.
Double marginalization (first encountered in Chapter 4) complicates access pricing in telecommunications
Indicate whether the statement is true or false
In 1903 when air pollution from a Montana smelter owned by the Anaconda Smelting Company destroyed grass and killed some cattle owned by ranchers downwind from the smelter, the ranchers sued for damages and the court
a. ordered the company to pay for the damages caused by its smelter. b. held the company liable for any future damages caused by its omissions. c. recognized that the company would pollute less when it was made accountable for the damage caused by its omissions. d. all of the above.