A ________ line is a perfectly price elastic demand curve.
A. negatively sloped
B. vertical
C. positively sloped
D. horizontal
Answer: D
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George is debating whether to concentrate on playing professional football or professional baseball. He is offered $6 million a year to play baseball and $7 million a year to play football. If he chooses to play football
A) the economic rent in his salary is $7 million. B) the economic rent in his salary is $6 million. C) the economic rent in his salary is $1 million. D) the economic rent in his salary is $13 million.
When government increases a fixed tax, consumption schedule
a. shifts downward in a parallel manner. b. shifts upward in a parallel manner. c. becomes horizontal. d. becomes vertical.
Briefly explain at least three reasons why private negotiations cannot eliminate inefficiencies related to pollution control.
What will be an ideal response?
If the marginal cost were $16, output would be
A. 1.
B. 2.
C. 3.
D. 4.