The Montreal Protocol is expected to save the ozone layer
Indicate whether the statement is true or false
T The ozone layer protects us from ultraviolet radiation, and the Montreal Protocol is an international agreement to ban the use of chlorofluorocarbons, which were damaging the ozone layer.
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If peanut butter and jelly are complements, then their cross elasticity of demand must be
A) infinitely high. B) a positive number that might be greater than 1. C) a number between zero and one. D) a negative number.
When the government controls the price of a product, causing the market price to be below the free market equilibrium price,
A) some consumers gain from the price controls and other consumers lose. B) all producers gain from the price controls. C) both producers and consumers gain. D) all consumers are better-off.
In a natural monopoly, the long-run average cost curve declines and therefore average cost is lower when there is only one seller
a. True b. False Indicate whether the statement is true or false
Points that lie below the production possibilities curve are inefficient because:
A. producing more of one good means producing less of the other. B. more of one good could be produced without producing less of the other. C. producers face scarcity. D. too many goods are being produced.