Labeling that states that a product was produced under environmentally sustainable conditions may not be an effective way to reduce pollution if
A) producers do not apply labels.
B) labeling increases costs.
C) consumers do not believe the information on the label.
D) governments require labels.
C
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The satisfaction a person receives from consuming goods and services is called
A) contentment. B) wealth. C) utility. D) psychic income.
Under the Bretton Woods system, exchange rates were supposed to be adjusted
A) only when a country experienced fundamental disequilibrium. B) daily. C) weekly. D) following each annual meeting of the board of governors of the International Monetary Fund.
When a firm is no longer able to reduce its long-run average cost by expanding, it has achieved its minimum efficient scale of production
a. True b. False
Suppose there is no change in total revenue when the price changes. The demand curve for this good is:
A. perfectly elastic. B. perfectly inelastic. C. elastic. D. unitary elastic.