Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
What will be an ideal response?
Resource owners will conserve vital resources for the future, particularly if they expect the resources to increase in value.
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If this pollution occurs, one way of reaching efficient production levels is by setting a Pigovian Tax. To achieve efficiency with this tax means that the tax must equal the
A) marginal social cost. B) marginal private cost. C) marginal private benefit. D) marginal external cost.
If Sail Away has 15 percent of the market share, Easy Sails has a 30 percent market share, and Big Sails has a market share of 40 percent, according to Chinese law, which of the firm(s) is considered to be a dominant firm?
A) Sail Away, Easy Sails, and Big Sails B) Easy Sails, but not Sail Away or Big Sails C) Big Sails, but not Sail Away or Easy Sails D) Big Sails and Easy Sails, but not Sail Away
The change in a firm's total revenue due to selling an additional unit of output is known as
a. marginal revenue b. average revenue c. price d. marginal cost e. marginal revenue product
If the Fed conducts an open market sale of bonds, which of the following will happen?
a. The interest rate will decrease, the aggregate expenditure line will shift upward and the aggregate demand curve will shift rightward b. The interest rate will decrease, the aggregate expenditure line will shift downward and the aggregate demand curve will shift rightward c. The interest rate will increase, the aggregate expenditure line will shift downward and the aggregate demand curve will shift leftward d. The interest rate will decrease, the aggregate expenditure line will shift upward and the aggregate demand curve will shift leftward e. The interest rate will increase, the aggregate expenditure line will shift downward and the aggregate demand curve will shift rightward.