Economic growth in any country is reflected by an increase in real GDP
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following statements is FALSE?
A) An increase in income causes an increase in the demand for a normal good. B) An increase in income causes a decrease in the demand for an inferior good. C) A decrease in income causes the demand curve for a normal good to shift to the left. D) An increase in income causes the demand curve for an inferior good to shift to the right.
A cartel is a form of
A) collusion. B) vertical merger. C) noncooperative competition. D) negative sum game.
Regulators employ average cost pricing instead of marginal cost pricing because
A. the price is lower with average cost pricing. B. price must be high enough to cover all opportunity costs if the firm is to stay in business. C. average cost pricing is more efficient than marginal cost pricing. D. average cost pricing is simpler to compute than marginal cost pricing.
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550Suppose the government decides to impose a tax on each ton of smoke emitted. What would be the lowest tax, in whole dollars, that would reduce emissions to 6 tons per day?
A. $36 per ton B. $21 per ton C. $26 per ton D. $41 per ton