Refer to the diagram. From society's perspective, if MB 2 and MC 1 are relevant:
A. Q 4 represents too little pollution abatement.
B. Q 1 represents too little pollution abatement.
C. Q 3 represents an optimal amount of pollution abatement.
D. Q 2 represents too little pollution abatement.
B. Q 1 represents too little pollution abatement.
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The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs over the price range of $1 per pound to $3 per pound is
A) perfectly elastic. B) elastic. C) unit elastic. D) inelastic.
A typical economic good has which one of the following characteristics?
A) The desired quantity exceeds the quantity available at a zero price. B) The quantity available exceeds the desired quantity at a zero price. C) It uses no resources to produce. D) It is never scarce.
Consider the same game between the fishermen in the previous question. How does the total number of fish caught in the Nash equilibrium compare to the number they would catch if they belonged to same company, so shared revenues and costs equally?
a. No change. b. They would catch more if they worked in the same company. c. They would catch less if they worked in the same company.
A candy bar is an example of a good that is
a. both rival and excludable b. non-rival but excludable c. both non-rival and non-excludable d. rival but non-excludable e. rival but usually produced inefficiently