A firm will avoid producing additional emissions whenever the fee is
A) less than the MSB.
B) greater than the MSB.
C) less than the MCA.
D) greater than the MCA.
E) equal to the distance between MSB and MCA.
D
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The Riegel-Neal Act of 1994 made reciprocity pacts
A) legal. B) illegal. C) irrelevant. D) temporary.
Which of the following probably has the shortest long run?
a. a law firm b. a steel mill c. an automobile plant d. a tire factory e. an aircraft engine factory
Which of the following is correct?
a. Consumer surplus refers to a situation in which there are more buyers than sellers in a market. b. Producer surplus refers to a situation in which there are more sellers than buyers in a market. c. Total surplus is measured as the area below the demand curve and above the supply curve, up to the equilibrium quantity. d. All of the above are correct.
Normative economic analysis involves
A) positive analysis. B) value judgments. C) if-then statements. D) objective descriptions of the way things are.