Pollution will decrease when firms are forced to internalize externalities as a production cost.
Answer the following statement true (T) or false (F)
True
Pollution abatement will increase the costs to the firm, shifting the MC curve upward (supply curve leftward), resulting in lower output, higher prices, and lower profits.
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Which of the following is a correct reason for stating that the United States has a fiduciary monetary system?
I. Our money is convertible to a fixed amount of silver or gold. II. Our money has a predictable value. A) I only B) II only C) Both I and II D) Neither I nor II
Total cost includes
A) the cost of variable resources only. B) the cost of fixed resources only. C) the cost of both variable and fixed resources. D) the cost of neither variable nor fixed resources. E) all explicit costs and all the implicit costs that actually must be paid using money.
The Volumetric Ethanol Excise Tax Credit (VEETC) is a tax credit for registered ethanol-gasoline blenders. Qualified blenders receive $0.51 for each gallon of pure ethanol they blend into gasoline. VEETC is an example of a
A) subsidy. B) price floor. C) price ceiling. D) quota.
For a profit-maximizing competitive firm, the value of marginal product curve is
a. always rising. b. falling only when marginal product is rising. c. the labor supply curve. d. the labor demand curve.