In which of the following markets is economic profit driven to zero in the long run?
a. oligopoly
b. monopoly
c. monopolistic competition
d. cartels
c
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Answer the following statement(s) true (T) or false (F)
1. The spending needed to maintain the utility level of society to compensate for resources used to achieve a cleaner environment is referred to as explicit environmental costs. 2. Marginal social cost is equivalent to the sum of the market-level marginal abatement costs and the government’s marginal cost of enforcement. 3. Marginal social cost (MSC) of some abatement level, A1, can be determined as the area under the total social cost (TSC) function up to A1. 4. The area under the MSC from the origin up to some abatement level, A0, is the TSC of abating A0 units. 5. The marginal social cost (MSC) curve linked to environmental policy is captured by the supply of the public good, environmental quality.
Sanjay has an ATV that he values at $3,000. Marilu is looking for a similar ATV but will only pay up to $2,400
Will trade between these two occur? Is there a policy government could implement that would encourage a trade to occur between Sanjay and Marilu? If so, what is that policy and will the policy make society richer?
The original Dow Jones Industrial Average (DJIA) contained ____________ stocks, while the DJIA now consists of ____________ stocks.
A. 10; 500 B. 11; 30 C. 15; 50 D. 20; 60
The three main categories of government outlays are
A) net interest payments, government investment, and government consumption expenditures. B) net government subsidies, the government deficit, and government purchases. C) government purchases, transfer payments, and net interest payments. D) government consumption expenditures, government investment, and transfer payments.