Falling oil prices meant that consumers in Libya could afford fewer imported goods. The Libyan government imposed controls to limit imports of cigarettes. At one point, the market price of a carton of cigarettes rose to $70. Which graph in Figure 4-22 best depicts this situation?
A. 1
B. 2
C. 3
D. 4
Answer: B
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According to the model of a deposit-refund system
a. the deposit paid captures the MSC of improper waste disposal (MSCIW) b. the refund represents the MPB of improper waste disposal (MPBIW) c. if the deposit is set equal to the MECIW at the competitive equilibrium,the efficient outcome is achieved d. the deposit converts the excess amount of illegal waste disposal to legal waste disposal e. none of the above
Why does a single-price monopoly produce a smaller output and charge more than the price that would prevail if the market were perfectly competitive?
What will be an ideal response?
It is useful to assume that there is a single representative consumer because
A) this is realistic. B) this is a useful abstraction if we are interested in problems where distribution effects are not important. C) this is the only model we know how to work with. D) a model with one consumer is the same as one with many consumers.
The OFCCP must receive a sworn complaint from an individual before it can take action
Indicate whether the statement is true or false