Refer to Figure 18.1. With free trade, how many gloves are produced domestically in Duckland?
A. 100
B. 80
C. 60
D. 0
Answer: D
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What is the biggest problem of using government actions such as taxes and pollution charges to control external costs?
A) insufficient legal power to enforce the controls B) obtaining enough data to determine how much the tax or pollution charge will be C) In some situations, there is no known way to control the external costs. D) political lobbying and voter disagreement E) The Coase theorem points out that taxes and pollution charges work only in the short run and not in the long run.
Checking to see whether the most profitable positive sales quantity results in a greater profit than not producing at all is the basis of what rule?
A. Interior Action Rule B. Quantity Rule C. Shut-down Rule D. Profit-maximizing Rule
What are the four types of industry structures? Compare and contrast them with the number of firms in the industry, whether firms produce homogeneous or heterogeneous products, whether there are economic profits in long-run equilibrium, and how frequently the model appears in the real world
The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market
a. True b. False Indicate whether the statement is true or false