When you are maximizing your utility for product A,
A. marginal utility of A = 0.
B. marginal utility of A = 1.
C. marginal utility of A = price of A.
D. None of these choices are true.
C. marginal utility of A = price of A.
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In an oligopoly, output is
A) less than the output in monopoly. B) greater than the output in perfect competition. C) in all circumstances the same as the output in perfect competition. D) somewhere between the output in monopoly and that in perfect competition outcomes. E) in all circumstances the same as the output in monopoly.
Government regulations designed to reduce the moral hazard problem include
A) laws that force firms to adhere to standard accounting principles. B) light sentences for those who commit the fraud of hiding and stealing profits. C) state verification subsidies. D) state licensing restrictions.
If an event is likely to occur, which probability is a reasonable estimate?
A) 0.32 B) 0.79 C) 1 D) Not enough information to determine.
World agreements to solve global environmental externalities will probably require high income countries to do which of the following?
a. Pay some of the costs but not most of the costs. b. Prevent low income countries from industrializing. c. Share the costs. d. Pay most of the costs.