An indifference curve shows:
A. The maximum combinations of two products which a consumer can afford to buy, given prices and the consumer's income
B. The quantities of two products a consumer is willing to buy at different income levels
C. All combinations of two products from which the consumer derives a specific level of total utility
D. Combinations of two products which yield the same marginal utilities
C. All combinations of two products from which the consumer derives a specific level of total utility
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When a tax on emissions into the air accurately reflects the cost to all members of society of an additional unit of the emissions, it
A) amounts to no more than a license to pollute. B) encourages firms to reduce emissions as long as the cost of doing so is less than the cost of continuing the emissions. C) gives firms little incentive to search for less-polluting production processes. D) will not prevent large and profitable firms from polluting.
Compared to a single-price monopolist, a price-discriminating monopolist
A) produces more output. B) produces the same amount of output but charges a higher price. C) generates a larger deadweight loss. D) produces less output but charges a lower price.
In Munn v. Illinois (1877), the Supreme Court held that:
a. state laws limiting prices charged by grain elevators were a violation of the Fifth Amendment. b. grain elevator and freight prices could only be regulated by the federal government. c. states have a right to regulate businesses within the state that are "clothed with a public interest.". d. organizations like the Grangers violated federal conspiracy laws.
Illegal immigrants pay social security tax. Therefore, they receive social security benefits on retirement
a. True b. False Indicate whether the statement is true or false