Which voter is the voter whose views on a policy issue are in the middle of the spectrum, with half of the voters on one side of this voter's view and half on the other side
a. Average voter
b. Mean voter
c. Modal voter
d. Median voter
d
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This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
According to the graph shown, if a firm is producing at Q2:
A. it is producing at an efficient scale. B. average total costs are minimized. C. profits are being maximized. D. All of these are true.
Market failure is the inability of
a. buyers to interact harmoniously with sellers in the market. b. a market to establish an equilibrium price. c. buyers to place a value on the good or service. d. some unregulated markets to allocate resources efficiently.
Texarkana Electric Company burns coal to heat the water that drives its electricity-producing turbines. The table below shows the marginal benefit of annual electricity consumption and the private marginal cost of annual electricity production. Marginal Cost and Marginal Benefit Quantity (millions of megawatts) MBprivate MCprivate MCexternal MCsocial 1.0 $145 $85 $ $ 2.0 130 90 3.0 115 95 4.0 100 100 5.0 85 105 6.0 60 110 Instructions: Enter your answers as a whole number. a. What is the (apparent) optimal amount of electricity for Texarkana Electric Company to produce each year? million megawatts per year
a. Now assume the production of each million megawatts of electricity also produces sulfur dioxide (a precursor to acid rain). The external cost of thesulfur dioxide is $20 per million megawatts of electricity production. b. Fill in the external marginal cost (MCexternal) and the social marginal cost (MCsocial) columns in the table above c. What is the socially optimal amount of electricity for Texarkana to produce if all costs and benefits are considered? million megawatts per year
Which of the following is an example of an import quota?
(A) 621,780 kilograms limit of an imported good. (B) 5 percent of the value of an imported good. (C) $220 per ton of an imported good. (D) 7 percent of the potential profits from an imported good.