A permanent decrease in demand for convenience store services is likely to cause which of the following in the long run?

a. an economic loss for each firm
b. a higher price for each firm's output
c. fewer firms in the industry
d. more firms in the industry
e. economic profit for each firm


C

Economics

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Which of the following is NOT an example of a common property resource?

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In order to maximize its profit in the short run, an airline should offer an additional flight whenever

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Economics

Which of the following statements is not correct?

a. Corrective taxes can be used to place a price on the right to pollute. b. Corrective taxes allocate pollution to those producers who face the highest cost of reducing pollution. c. Corrective taxes provide incentives to develop cleaner technologies. d. Corrective taxes require the government to set a target level of pollution.

Economics