In general, pollution exists in situations in which
A) people are selfish.
B) people refuse to take social responsibility seriously.
C) there are poorly defined private property rights.
D) there exists public property.
Answer: C
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The following are all final goods EXCEPT
A) flour used by the baker to make cupcakes. B) bread eaten by a family for lunch. C) pencils used by a 6th grader in class. D) Nike shoes used by a basketball player. E) a computer used by Intel to design new computer chips.
Within the AD/AS model, an increase in capital formation that permits the economy to achieve a larger output will
a. increase long-run aggregate supply. b. increase short-run aggregate supply, but long-run aggregate supply will be unaffected. c. increase aggregate demand. d. decrease aggregate demand.
Which of the following is a government action that can serve as a barrier to entry to an oligopoly?
a. perfect competition b. price leadership c. occupational licensing d. economies of scale
Suppose the accompanying table describes the relationship between price and quantity demanded for a monopolist. QuantityPrice1$102$93$84$75$66$57$48$3The marginal revenue of the third unit of output is:
A. $6. B. ?$1. C. $24. D. $8.