Which of the following steps does an economist take when studying the economy?
a. devise theories
b. collect data
c. analyze data
d. All of the above are correct.
d
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Distinguish between a price-discriminating monopoly and a single-price monopoly
What will be an ideal response?
Refer to Scenario 5.8. Without additional information, Icarus Airlines would
A) lease only the one airplane it is sure it can use. B) lease 2 airplanes in order to guarantee it avoids the worst outcome, $10 million. C) lease 3 airplanes because $140 million is greater than $90 million. D) lease 3 airplanes because $75 million is greater than $60 million. E) lease 3 airplanes because heavy tourism is more likely than light tourism.
The optimal level of water and air quality
a. is zero, which is a pollution-free environment b. occurs when the marginal private cost of air quality equals its marginal social cost c. is greater if the marginal social cost curve of air quality shifts downward d. occurs when all negative externalities are eliminated e. eliminates the common pool problem
Households constitute the demand side of a labor market
a. True b. False Indicate whether the statement is true or false