A New York legislator wanted to create a deposit on cigarettes butts. If implemented, people would have the incentive to (1) not toss cigarette butts onto public streets and sidewalks, and (2) pick butts up to redeem them for the cash. The degradation of the environment from littered cigarette butts is a
a. private goods problem.
b. Nash equilibrium.
c. Tragedy of the Commons.
d. cost-benefit equilibrium.
c
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The distinguishing of products by brand name, color, and other attributes
A) is known as interdependence. B) is known as product differentiation. C) leads to many firms in the market. D) leads to collusion.
If the marginal product curve is increasing from workers 1-89 and then decreases steadily, crossing the horizontal axis at 190 workers, we know that
A. the total output curve is increasing at an increasing rate from workers 1-89, then increases at a decreasing rate until the 190th worker, after which it decreases. B. the total output curve increases from workers 1-89, decreases from workers 90-189, and becomes 0 at the 190th worker. C. the total output curve is increasing throughout, although at an increasing rate for the first 190 workers and at a decreasing rate after the 190th worker. D. diminishing marginal product sets in with the 190th worker.
The populations of the developing nations are growing:
A. at about 5 percent per year. B. at about the same rate as those of the industrially advanced nations. C. slower than those of the industrially advanced nations. D. faster than those of the industrially advanced nations.
If market interest rates fall, the selling price of existing bonds in the market will, ceteris paribus,
A. Fall. B. Rise. C. Not change. D. Rise or fall based on other market conditions.