Demand describes how much of something people:
A. are willing and able to buy at alternative prices under certain circumstances.
B. want, but may not necessarily be able, to buy under certain circumstances.
C. are willing and able to sell under certain circumstances.
D. be able to buy, but might not want to buy under certain circumstances.
A. are willing and able to buy at alternative prices under certain circumstances.
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Answer the following statement(s) true (T) or false (F)
1. Among the reasons that may explain why abatement standards are not set efficiently is imperfect information. 2. If an abatement standard is set to satisfy allocative efficiency on a national scale, that standard would not be optimal at the regional level unless the national MSB and MSC functions were identical to those at the regional level. 3. The command-and-control approach to environmental policy uses rules, emissions limits, and various incentive-based policy instruments. 4. According to the cost-effectivenesscriterion, all polluting sources would abate pollution to the point where their individual marginal abatement cost (MAC) levels were equal.
Which of the following will increase the break-even quantity?
a. A decrease in overall fixed costs b. A decrease in the marginal costs c. A decrease in the price level d. An increase in price level
If a market has more than one seller, but fewer sellers than under perfect competition, it is referred to as
a. a monopoly b. competitive c. imperfect competition d. an efficient market e. optimal
The primary purpose of antitrust legislation is to
a. protect small business b. protect the competitiveness of U.S. business c. protect the prices of American-made products d. ensure American labor is paid a fair wage e. ensure firms earn only a fair profit