If a producer must pay the cost of his or her pollution because property rights have been assigned, then
A) pollution will be completely eliminated.
B) the supply curve will shift rightward as the new costs are added.
C) the supply curve will shift leftward as the new costs are added.
D) consumers will now consume more of the good because the external costs are reduced.
E) there is no longer any marginal benefit from the good or service being produced.
C
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If there is an inverse relationship between variable x and variable y, then an increase in the value of variable x will be accompanied by
A) an increase in the value of variable y. B) a decrease in the value of variable y. C) no change in the value of variable y. D) variable y reaching its maximum value.
Antitrust laws attempt to
A) support prices at high levels so firms can earn profits. B) establish minimum wages. C) prevent monopolies or collusion. D) enforce fair trade laws.
The aggregate demand curve is likely to shift downward because of a(n): a. increase in a household's wealth. b. decrease in tax rates
c. decrease in government spending. d. increase in consumer spending.
The "invisible hand" works to promote general well-being in the economy primarily through
a. government intervention. b. the political process. c. people's pursuit of self-interest. d. altruism.