According to the textbook application, the EPA reported in 1993 that
a. secondhand smoke was a carcinogen
b. secondhand smoke was prohibited from public places
c. secondhand smoke did not pose a human health risk
d. none of the above
a. secondhand smoke was a carcinogen
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The side of the market that is more inelastic:
A. will bear more of the tax burden. B. will bear less of the tax burden. C. will share an equal amount of the tax burden. D. determines whether to shoulder the majority of the tax burden or pass it on.
Which of the following statements is correct?
a. Few economic models incorporate assumptions. b. Different economic models employ different sets of assumptions. c. Good economic models attempt to mimic reality as closely as possible. d. Economic models, to be accepted, must be tested by conducting experiments.
The "all other things unchanged" assumption is useful because it:
A) states the main economic objectives. B) is a vehicle for determining whether a particular outcome is "good" or "bad.". C) helps to approximate real-world conditions. D) helps to restrict analysis to the effect of a single economic factor.
Which of the following conditions is NOT necessary for a firm to be able to engage in price discrimination?
I. The firm must be able to produce to the point at which price equals marginal revenue. II. The firm must easily be able to identify consumers with different demand elasticities. III. The firm must be able to prevent resale of the item it produces and sells. A) I only B) III only C) Both I and II only D) Both II and III only