Use the following table to answer the question below
Price per Unit Quantity Demanded per Year Quantity Supplied per Year
$5 2,000 0
10 1,800 300
15 1,600 600
20 1,400 900
25 1,200 1,200
30 1,000 1,500
In this competitive market, the price and quantity will settle at
Answer: $25 and 1,200 units.
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Because the NAAQS are set using a benefit-based decision rule, find the abatement level of sulfur dioxide that would adhere to this rule.
Suppose that the MSB and MSC of abating sulfur dioxide are as follows. Use these functions to answer parts (a) and (b) below. MSB = 32 – 0.2A MSC= 16 + 0.2A
Markets are generally more effective at providing ________ and governments are most effective at providing ________
A) pure public goods; common pool resources B) pure private goods; pure public goods C) common pool resources; club goods D) club goods; pure private goods
The wage rate and MLC differ for a monopsonist because
a. the monopsonist is forced to pay a wage rate greater than the worker's MLC b. the monopsonist must accept the labor market's wage rate c. workers are not as efficient when employed by a monopsonist d. any wage rate increase applies to all workers, not just to the last hired e. a wage rate decrease forces workers to work longer hours
When a society cannot produce all the goods and services people wish to have, the economy is experiencing
a. scarcity. b. surpluses. c. inefficiencies. d. inequalities.