Which country is currently the biggest producer of greenhouse gases?
a. Russia
b. United States
c. China
d. India
c. China
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Compare and contrast the potential for a perfectly competitive firm and a monopolistically competitive firm to earn positive economic profits in the short run versus the long run. Explain your reasoning
What will be an ideal response?
A number of economic historians have attempted to determine whether US railroads were built ahead of demand. Which of the following statements presents accurate information about the findings of this area of research?
a. Fogel and Mercer found that post-bellum transcontinental had relatively low initial profit rates that grew over time. b. According to Fishlow, antebellum railroads were built ahead of demand, but post-bellum transcontinentals were not. c. Fishlow finds that government aid to antebellum railroads was generous and widespread. d. Mercer finds that rates of return on all post-bellum transcontinental railroads were less than rates on alternative investments.
Carolina Baby Inc produces and sells dresses for kids in a perfectly competitive market. Which of the following will be the firm's profit-maximizing outcome?
a. The firm earns a marginal revenue of $20 if it produces 600 dresses at a marginal cost of $15. b. The firm earns a marginal revenue of $20 if it produces 700 dresses at a marginal cost of $20. c. The firm earns a marginal revenue of $20 if it produces 800 dresses at a marginal cost of $24. d. The firm earns a marginal revenue of $20 if it produces 900 dresses at a marginal cost of $27.
For effective price discrimination to occur, a seller must
a. be a pure monopolist. b. have large economies of scale and control over a key natural resource. c. face a horizontal demand curve for its product. d. be able to prevent consumers from reselling the product to other consumers.