Suppose Bright Orange is large firm that grows and harvests oranges. Each orange yields 2 ounces of orange juice and exactly one orange peel. Bright Orange sells the orange juice to juice distributors and the orange peels to fragrance companies. The market demand for Bright Orange's oranges is equal to ________.
A) the demand for orange peels only
B) the demand for orange juice plus the demand for orange peels
C) the demand for orange juice only
D) the difference between the demand for orange peels and orange juice
B) the demand for orange juice plus the demand for orange peels
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The more human capital workers have, the:
A. more productive they are. B. more technology they will require for their job. C. lower the value of their marginal product. D. less productive they are.
Cooperation is possible in a ________ game if both firms ________ know the final period of the game.
A) one-shot; do not B) finitely repeated; do C) one-shot; do D) finitely repeated; do not
Which basic approach to environment policy may be the only workable solution in brief but serious emergencies that do not allow for time to plan and enact a systematic program?
a. Taxes on pollution b. Voluntary compliance c. Tradable emissions permits d. Direct controls like legal ceilings
When policymakers set prices by legal decree, they obscure the signals that normally guide the allocation of society's resources
a. True b. False Indicate whether the statement is true or false