The figure below shows the supply and demand curves for oranges in Smallville.
At the price of $4 per pound, sellers offer ________ pounds of oranges per day, and buyers want to purchase ________ pounds of oranges a day.
A. 10; 20
B. 10; 30
C. 20; 20
D. 30; 10
Answer: B
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Refer to A Negative Externality Problem. Suppose there is no attempt to internalize the externality. Pigovian analysis indicates that the externality creates a deadweight loss equal to
Demand for a good is given by Q = 100 - P. The private marginal cost of production is MCP = 10 + Q. There is a $10 per unit negative production externality in this situation. a. MCS = 10 + Q b. MCS = Q c. MCS = 20 + Q d. MCS = 10 + 10Q
Total costs equal
a. Fixed costs b. Variable costs c. Sunk costs d. Fixed costs plus variable costs
Automatic stabilizers will reduce tax revenues during recessions and increase tax revenues during periods of strong economic growth.
Answer the following statement true (T) or false (F)
An economist worrying about the economic impact of environmental regulations would model that impact with
A. an increase in aggregate demand. B. an increase in aggregate supply. C. a decrease in aggregate supply. D. a decrease in aggregate demand.