Monoploy
What will be an ideal response?
Market with one seller.
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If an event is likely to occur, which probability is a reasonable estimate?
A) 0.32 B) 0.79 C) 1 D) Not enough information to determine.
After the price of milk increases, David buys more eggs and less cereal. For David
A) milk, eggs, and cereal are all complements. B) milk and eggs are complements, and milk and cereal are substitutes. C) milk and eggs are substitutes, and milk and cereal are complements. D) milk, eggs, and cereal are all substitutes.
The reason individual homeowners usually do not hire a private contractor to fill the potholes on their street is because:
a. it costs too much. b. the value to the neighborhood exceeds the cost of repair. c. others who use the street will be free riders. d. they do not trust the government. e. there are negative externalities associated with the repair.
Pollution damages the environment we live in. An economist would advise that we reduce air pollution: a. as long as the marginal benefit from air pollution reduction outweighs the marginal cost of achieving the reduction. b. until the total benefit from air pollution reduction just equals the total cost of pollution reduction
c. until air pollution levels reach near-zero levels. d. to the levels experienced in the 1950s when air was much cleaner near big cities.