Consider the labor market depicted in the above figure. What wage rate must be paid to have the 200th hour of labor supplied?
A) $10
B) $15
C) $20
D) None of the above answers is correct.
A
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Answer the following statement(s) true (T) or false (F)
1. Environmental pollution can be characterized as a market failure that distorts the classical market outcome. 2. If we define the relevant market as “environmental quality,” then the market failure is due to the presence of a negative externality. 3. If market is defined as a good or service whose production or consumption generates environmental damage, then the market failure is due to a negative externality. 4. A public good is characterized as possessing either nonrivalry in consumption or nonexcludable benefits. 5. Nonrivalness means that one person’s consumption does not preclude that of another.
Although coal and iron ore are both important raw materials used in steel production, coal is a more specific resource compared to iron ore
Indicate whether the statement is true or false
A straight-line downward-sloping demand curve has a price elasticity of demand that:
A. decreases as price decreases. B. is unitary at all prices. C. is zero at all prices. D. increases as price decreases.
A local street festival that previously sold bracelets in exchange for unlimited alcohol consumption is now concerned about the overconsumption of alcohol. If they switch to selling tickets per drink, will overall consumption at next year's festival decrease?
A. No, because the marginal cost per extra beer will increase for consumers. B. No, because the marginal cost per extra beer will decrease for consumers. C. Yes, because the marginal cost per extra beer will increase for consumers. D. Yes, because the marginal benefit per extra beer will increase for consumers.