According to the textbook application, the International Organization for Standardization (ISO)has developed standards for environmental management. Identified as
a. ISO 1500 c. ISO 1400
b. ISO 15000 d. ISO 14000
d. ISO 14000
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What effect does a price hike have on the total revenue of the producers?
What will be an ideal response?
In which of the following situations would consideration of the minimum efficient scale of operation suggest that the market should be served by a single firm to minimize production costs?
A) When the LRAC curve slopes downward over the relevant range of output. B) When the LRAC curve hits its minimum point at a relatively low level of output and then increases and the demand for output is quite large. C) When the LRAC curve hits its minimum point at a relatively low level of output but then remains constant as the scale of operation is increased and the demand for output is quite large. D) When the LRAC curve initially increases and then decreases beyond some point.
The “free rider” problem occurs when a good is
A. not available. B. not excludable. C. not depletable. D. not sold in free markets.
When banks reduce the reserve ratio, the potential money multiplier
A. sometimes increases, and sometimes decreases depending on the rate of inflation. B. decreases. C. increases. D. remains unchanged.