Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.
Figure 3.14Refer to Figure 3.14. At a price of $30, there is an excess
A. demand of 450 sunglasses.
B. demand of 750 sunglasses.
C. supply of 300 sunglasses.
D. demand of 300 sunglasses.
Answer: A
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Suppose that the government allocates the abatement responsibility uniformly, requiring each polluter to abate 10 units of pollution. Quantitatively assess the cost implications.
Assume that there are two firms, each emitting 20 units of pollutants into the environment, for a total of 40 units in their region. The government sets an aggregate abatement standard (AST) of 20 units. The polluters' cost functions are as follows, where the dollar values are in thousands: Polluter 1: TAC1 = 10 + 0.75(A1)2, Polluter 2: TAC2 = 5 + 0.5(A2)2, MAC1 = 1.5A1, MAC2 = A2.
Which of the following best describes the difference(s) between a model and a theory?
a. A theory is a more abstract representation, while a model is more applied or empirical representation. b. A model is a more abstract representation, while a theory is more applied or empirical representation. c. Theories are used to test models. d. Models have been proven, but theories are still being investigated.
The observed variations in practice patterns in different regions of the country is the result of all of the following except one.
a. Patients often prefer a number of different options to treat the same illness and physicians are willing to accommodate these differences. b. The observed variations are due to scientific uncertainty associated with diagnosis and treatment. c. There are many alternative treatment options available for most ailments. d. Practice variations are due to differences in demographics and disease incidence across regions. e. Medical training varies across the country depending on where the physician was trained, and most physicians' practices tend to be in the same regions.
The amount of unemployment that policymakers should not worry about because it constitutes no social problem is
A) 2 percent of the labor force. B) 4 percent of the labor force. C) not any single amount that can be clearly measured. D) the amount that can exist without causing a recession. E) the amount that is due to people's choices among available alternatives.