Under a system of marketable pollution permits:
A. firms with lower costs of reducing emissions are likely to sell permits to those with higher costs of reducing emissions.
B. environmentalists can decrease pollution by purchasing permits.
C. the government can decrease the amount of pollution to the desired level.
D. All of these are correct.
Answer: D
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Suppose the price of apples decreases from $1.00 to $0.80 each and, as a result, the quantity of apples demanded increases from 800 to 1,000 . Using the midpoint method, the price elasticity of demand for apples in the given price range is
a. 0.22. b. 0.5. c. 1.0. d. 4.5.
Monetary neutrality means that a change in the money supply
a. does not change real GDP. Most economists think this is a good description of the economy in the short run and in the long run. b. does not change real GDP. Most economists think this is a good description of the economy in the long run but not the short run. c. does change real GDP. Most economists think this is a good description of the economy in the short-run and the long run. d. does change real GDP. Most economists think this is a good description of the economy in the long run but not the short run.
Typically, oligopolistic industries have a high ______.
a. number of sellers b. level of perfect competition c. number of monopolies d. rate of profit
The accounting profit of a business firm is also called:
a. royalty income. b. net income from equity. c. compensatory income. d. windfall gain. e. net operating income.