If we sum the private marginal cost curves of firms producing nuclear power, we create the
a. industry supply curve for nuclear power
b. market equilibrium for nuclear power
c. total value of the negative externalities generated by nuclear power
d. optimal allocation of resources associated with nuclear power
e. marginal externality cost curve for nuclear power
A
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Which assumption is part of the model of monopolistic competition?
A. There are significant barriers to entry into the market. B. There is no collusion or mutual interdependence among firms. C. Firms make identical or homogeneous products. D. Firms have no control over their products' prices.
According to the law of diminishing marginal utility, the more of a product a person consumes per time period, other things constant:
a. the smaller will be the total utility. b. the smaller the total satisfaction per unit of consumption. c. the smaller the additional utility from an additional unit of consumption. d. the smaller will be the average utility.
The age of mass production, which began in the United States during the early years of the 20th century, was the ______ phase of the Industrial Revolution.
A. first B. second C. third D. fourth
Refer to the accompanying figure.
An economy is currently in long-run equilibrium at point B, at an inflation rate of ?', which is too high for to sustain economic growth. If an anti-inflationary policy is enacted, the economy will be in short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________.
A. A; B B. B; C C. A; C D. B; A