After the implementation of the congestion tax in London, traffic volume was reduced and travel time for cars and buses was cut in half. This is an example of
A) caveat emptor. B) comparative advantage.
C) responding to incentives. D) the role of pricing in allocating resources.
C
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Pollutants are not harmful if they are degradable in water
Indicate whether the statement is true or false
An increase in a monopoly's fixed costs would cause its output to
a. rise. b. fall. c. stay the same. d. impossible to predict.
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one radio?
A. 1/10 TV B. 10 TVs C. 1/5 TV D. 5 TVs
If demand is represented as Qd = 24 - P and supply is represented as Qs = 6 + 2P, the demand curve intersects the y axis at a price of ________ and the supply curve intersects the y axis at a price of ________
A. $24; $6 B. $23; $8 C. $30; $3 D. $1; $2