Which of the following often involves positive external benefits?
A. water pollution
B. drunken driving
C. tobacco smoking
D. inoculation programs
Answer: D
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670Using the regular percentage change formula, what is the price elasticity of demand when price increases from $6 to $7?
A. -0.525 B. -1 C. -0.856 D. -1.166
The portion of the long-run average cost curve in which economies of scale are experienced shows that as output increases, the
A) average total cost decreases. B) average total cost increases. C) marginal cost increases. D) marginal cost decreases. E) average variable cost is constant and the average fixed cost decreases.
Reduced barriers to trade help explain an increase in U.S. exports and imports relative to GDP since 1950
a. True b. False Indicate whether the statement is true or false
Suppose Kellogg's, General Mills, and Post make the majority of breakfast cereal sold in the United States. If Kellogg's decides to decrease its prices by 10%,
A. General Mills and Post will immediately respond because of mutual interdependence. B. Kellogg's will also decrease the variety of cereals it offers because of nonprice competition. C. the other firms in the industry will not change their pricing strategy because of the kinked demand curve. D. more firms will enter the market due to low barriers to entry.