Technological development:
A. alters the nature of production and consumption.
B. does not depend on economic incentives.
C. does not depend on institutions.
D. makes it impossible to obtain more of the same things.
Answer: A
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The principal-agent problem:
A. arises from an imbalance of information. B. is caused by the principal having imperfect information about the agent. C. is caused by the principal being unable to perfectly observe the actions of the agent. D. All of these statements are true.
Suppose that a price-discriminating firm divides its market into two segments. If the firm sells its product for a price of $22 in the market segment where demand is relatively less elastic, the price in the market segment whose customers' demand is more elastic will be
a. $22. b. greater than $22. c. less than $22. d. $22 plus average fixed costs
Which of the following statements is correct about a market in which pollution is emitted?
a. Both corrective taxes and pollution permits internalize the externality of pollution. b. Corrective taxes internalize the externality of pollution, but pollution permits do not internalize that externality. c. Corrective taxes fail to internalize the externality of pollution, but corrective taxes internalize that externality. d. Neither corrective taxes nor pollution permits internalize the externality of pollution.
Discuss how economists calculate NI, PI and DI.
What will be an ideal response?