A pollution tax internalizes the costs of pollution a firm is imposing on others.
Answer the following statement true (T) or false (F)
True
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If the marginal benefit of a good exceeds its marginal cost
A) we've achieved efficient resource use. B) we should produce more to achieve the allocatively efficient use of resources. C) we should produce less to achieve the allocatively efficient use of resources. D) we cannot tell if more or less should be produced to achieve the allocatively efficient use of resources.
The closest a firm can come to being a perfect competitor would be
A. a corn farmer in Kansas. B. the owner of a small grocery store in St. Louis C. a used car dealer. D. a free agent major league baseball player.
From 2005 to 2006, the U.S. economy experienced significant inflation because the aggregate demand curve shifted outward more than the aggregate supply curve shifted outward.
Answer the following statement true (T) or false (F)
The legal system in the United States tends
A. to actively discourage unionization. B. to promote competition. C. to support monopolies. D. to discourage the entry of new firms into industries.