Which of the following is the most efficient method to reduce pollution emissions?
a. government pollution charges or taxes
b. non-tradable emission standards that cap allowable pollution
c. common law enforcement of property rights, when those rights are well-defined and transaction costs are low
d. legislated regulations limiting the quantity of emissions allowed by each firm
C
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In games, strategies are:
A. the outcomes players want to achieve. B. the same for everyone to achieve the same goal. C. the plans of action that players follow to achieve their goals. D. All of these statements are true.
National income
a. includes gross private domestic investment b. is the sum of all payments made to resource owners for the use of their resources in production c. includes all consumption expenditures d. is measured by C + I + G + (X – M) e. does not include proprietors' income
If variable cost at each output level doubles,
a. ATC doubles. b. AFC doubles. c. MC remains unchanged. d. MC doubles. e. MC less than doubles.
Because there are many sellers in a competitive market, individual firms are unable to maximize profits
a. True b. False Indicate whether the statement is true or false