The long-run supply curve of a firm is:
A) its marginal cost curve.
B) its average total cost curve.
C) the portion of its marginal cost curve that lies above its average total cost curve.
D) the portion of its marginal cost curve that lies below its average total cost curve.
C
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According to the textbook application, recent EPA rules and regulations proposed under the Obama administration
a. fall into the category of market-based policies b. have been met with wide approval among all constituencies c. achieve allocatively efficient levels of pollution abatement d. have been shown to meet the cost-effective criterion e. none of the above
State whether each of the following goods is nonrival, nonexcludable, or both:
a. a botanical garden b. a public beach c. a congested interstate highway d. a toll bridge e. street lights
A resource that is publicly owned and allocated under a system of unrestricted access is known as
(a) a socialist resource. (b) a collective resource. (c) a common property resource. (d) a transferable resource.
If a household's income rises from $46,000 to $46,700 and its consumption spending rises from $35,800 to $36,400, then its: a. marginal propensity to consume is 0.86. b. marginal propensity to consume is 0.99. c. marginal propensity to consume is 0.98. d. marginal propensity to save is 0.01
e. marginal propensity to save is 0.86.