A family-sized pack of corn chips costs less per dollarthan smaller packs. This is an example of price discrimination
a. True
b. False
Indicate whether the statement is true or false
True
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Collective decision making costs _____
a. decrease as we get closer to unanimity b. increase as more people have to agree c. are an impediment to individual action d. are the reason why simple majority rule is always optimal
Refer to the above figure. If the government imposes a price floor of $20
A) the quantity traded will be 150, and the price will be $20. B) the quantity traded will be 100, and the price will be $20. C) the quantity traded will be 200, and the price will be $20. D) none of the above.
Which of the following is the best example of a supply-side market failure?
A) No one provides street lights in a town because, once the lights are in operation, people don't have to pay to use them. B) Street performers don't get full payment for the value of their output because people watch and enjoy the shows without paying the artist. C) Government imposes taxes on the production of a socially desirable good. D) A firm keeps its production costs down by dumping its waste in the nearby river, adversely affecting water quality for residents in the area.
Anjelica expects that her recent fatigue is being caused by pollution being dumped into a local stream by a factory in her community, and she wants to fix this problem
Briefly explain the transactions costs Anjelica is likely to experience in her quest to clean up the stream.