The socially optimal amount of pollution is
A) zero.
B) greater than zero.
C) indeterminant.
D) unattainable.
B
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If the quantity of nail polish supplied is represented by the equation QS = -3 + 2P then the corresponding price of nail polish is represented by the equation
A) P = 1.5 - 0.5QS. B) P = 2QS - 6. C) P = 2QS + 6. D) P = 0.5QS + 1.5.
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. Forty percent (40%) of all cars are lemons. However, sellers can switch to selling lemons at lower costs
Which of the following statements is TRUE? A) Only lemons are sold for $1,600. B) Only lemons are sold for $800. C) All the sellers of good cars will switch to selling lemons. D) 40% buyers will get lemons.
In the classical model, changes in interest rates will always ensure that
A) consumption equals production. B) saving equals investment. C) consumption equals investment. D) consumption equals income.
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom's budget constraint is AC. Given his current monthly income he will not have enough income to purchase the bundle represented by point
A. A. B. B. C. E. D. D.