Recall the Application about the British experience with private water companies in the nineteenth century to answer the following question(s).Recall the Application. Based on the British experience with water distribution, the most efficient way to provide water is through:
A. a regulated monopoly.
B. a duopoly.
C. an unregulated monopoly.
D. perfect competition.
Answer: A
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Assuming that coffee and tea are substitutes, a decrease in the price of coffee will result in a. A leftward shift in the demand for tea
b. A downward movement along the demand curve for tea. c. A rightward shift in the demand for tea. d. An upward movement along the demand curve for tea.
"Optimal input curve analysis is useless. Since firms never know the demand for their product with certainty, they will rarely operate at the optimal input combination." Agree or disagree?
If the demand for green tea increases as income increases, green tea is a(n)
A. substitute good. B. normal good. C. complementary good. D. inferior good.
Social costs are associated with
a. entertainment expenses for business clients. b. government programs for the disadvantaged. c. deterioration of the natural environment. d. the high price of popularity.