A decrease in the supply of milk will lead to a decrease in the QUANTITY DEMANDED of milk.
a. true
b. false
Answer: a. true
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Why does a monopolist face the market demand curve?
a. Presence of a large number of substitutes b. Presence of a large number of buyers in the market c. Barred entry of any new firm in the market d. Produces a homogeneous product e. Consumers have perfect knowledge of the market
In this case, the abatement level associated with benefit-based standards would be:
Suppose that the costs and benefits of achieving water quality in New York are modeled as shown below. Use these relationships for any or all of questions 14 through 16. MSB = 80 – 2A MSC = 20 + 2A TSB = 80A – A2 TSC = 20A + A2, where A is the abatement level for conventional pollutants. a. 40 c. 10 b. 15 d. none of the above
The classic example of adverse selection is the market for used cars
a. True b. False Indicate whether the statement is true or false
Suppose Carlos has a 60 percent chance of not collecting $100,000 when his rich uncle dies in 10 years. Juanita wants to buy the rights to this possible inheritance from Carlos. How much is the possible inheritance currently worth to Carlos? Assume the interest rate is 9 percent.
A. $25,345. B. $142,042. C. $94,695. D. $16,896.