Air pollution is an example of a negative externality.
Answer the following statement true (T) or false (F)
True
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Consider a particular market-clearing price and quantity under a perfectly competitive equilibrium. As the demand curve at this point becomes more inelastic, the consumer surplus in the market tends to:
A) increase. B) decrease. C) remain the same. D) We do not have enough information to answer this question.
Refer to Scenario 13.16. If Gooi can move first, and Ici wants to realize the ($150, $300 ) payoff,
A) all it has to do is threaten to buy yogurt machines, no matter what Gooi does. B) it could make its threat credible by rearranging its physical plant so that the installation of gelato machines by Gooi would bring in profit less than $50. C) it could make its threat credible by rearranging its physical plant so that the installation of gelato machines by Gooi would bring in profit less than $150. D) it could make its threat credible by rearranging its physical plant so that the installation of gelato machines by Gooi would bring in profit less than $300. E) it has to move before Gooi; there is no other way.
The reduction in the U.S. government deficit in the early 1990s was the result of strong economic growth
a. True b. False Indicate whether the statement is true or false
Suppose that if poor households have a price elasticity of demand for medical care of 0.70 and wealthy households have a price elasticity of demand for medical care of 0.10, then a 10% increase in the price of medical care would lead to poor households reducing their quantity demanded for medical care by:
A. seven times the amount that wealthy household reduce their quantity demanded for medical care. B. one-seventh the amount that wealthy households reduce their quantity demanded for medical care. C. one-tenth the amount that wealthy households reduce their quantity demanded for medical care. D. ten times the amount that wealthy household reduce their quantity demanded for medical care.