Refer to the above figure. The marginal benefit of pollution abatement is curve
A) (1).
B) (2).
C) (3).
D) (4).
D
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Government imposed price controls often lead to
A) illegal trades of the good. B) the most efficient use of resources. C) the equilibrium solution in terms of price and quantity. D) maximization of profits.
The more broadly a good is defined,
a. the more substitutes it has so the more elastic is its demand b. the fewer substitutes it has so the more elastic is its demand c. the more substitutes it has so the less elastic is its demand d. the fewer substitutes it has so the less elastic is its demand e. the more complements it has so the more elastic is its demand
The aggregate supply curve shows the relationship between the:
A. overall price level in the economy and total production by firms. B. unemployment rate and total production by firms. C. overall price level in the economy and the unemployment rate. D. inflation rate and the overall price level in the economy.
Antitrust enforcement is primarily limited by the
a. cooperation of offending firms b. small number of cases c. unwillingness of damaged competitors to press charges d. limited amount of funding allocated by the government e. failure of judges to punish antitrust violators