Suppose that Pat has the legal right to fly an extremely noisy airplane over Chris's apartment and that he values that right at $1,000 per year. Chris would be willing to pay $1,200 per year to avoid the noise. In that case
a. Pat will be required to eliminate the overflight
b. Chris will move to a new apartment
c. Pat and Chris have a powerful incentive to agree to eliminate the overflight because both would benefit from it
d. some governmental agency will step in to require Pat to choose a different flight pattern
e. some governmental agency will require Chris to move to a new apartment
C
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A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Refer to Table 2.3. The principle of diminishing returns first occurs when how many workers are hired?
A) 2 B) 3 C) 4 D) 5
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a. the point at which MSC curve intersects the marginal revenue curve. b. the point at which MSC intersects the MPC. c. the point at which MSC intersects MPC. d. the point at which marginal revenue curve intersects the MPC.
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a. True b. False Indicate whether the statement is true or false