The marginal cost of enforcement (MCE)
a. is the additional cost incurred by government to monitor and enforce abatement activity
b. is a negatively sloped function
c. can be measured as the vertical sum of MACmkt and MSC at any abatement level
d. represents the horizontal sum of all polluters’ MAC functions
a. is the additional cost incurred by government to monitor and enforce abatement activity
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Producer surplus is the:
a. number of producers who are excluded from a market because of scarcity. b. amount of a good that a producers will sell at a price below the equilibrium price. c. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good. d. amount consumers are willing to pay for a good minus the cost of producing the good.
Spending VCU4 on real-world goods and services causes the nation's:
a. Monetary base to fall. b. M2 money supply to fall. c. M2 money multiplier to fall. d. Monetary base to remain the same.
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Price leadership is a method by which oligopolies can
A. Encourage competition. B. Illegally raise prices. C. Maintain the "kink" in their demand curves. D. Increase prices without explicit price-fixing.