The key to optimally managing renewable and nonrenewable resources is to design incentive structures that:
A. Reduce the costs of production to the lowest possible level
B. Increase the benefits from production to the highest possible level
C. Weigh the net benefits of current use with the net benefits of future use
D. Add the net benefits of current use to the net benefits of future use
C. Weigh the net benefits of current use with the net benefits of future use
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If a monopolist must lower the price on all units in order to sell an additional unit,
a. it is impossible for the monopolist to maximize profit b. the monopolist will always lose profit when it increases quantity c. the monopolist will always lose revenue when it increases quantity d. price will always be greater than marginal revenue e. price will always be less than marginal revenue
In macroeconomics, the long run refers to:
A. one year. B. two years. C. ten years. D. None of these is true.
Which of the following best describes the concept of "derived demand?"
a. The price of corn land determines the price of corn. b. The price of corn land has nothing to do with the price of corn. c. The price of corn determines the price of the land on which corn is grown. d. Cheap labor means cheap corn.
For the most part, differences in wealth do reflect current labor market discrimination
Indicate whether the statement is true or false