Under EPA regulations, a factory
a. must pay for the right to pollute.
b. can increase air pollution from its grinding process if it decreases air pollution from its smelting process.
c. cannot under any circumstances build a polluting factory in an area where pollution standards are not being met by existing firms.
d. None of the above is correct.
b
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Involuntary part-time workers are:
A. discouraged workers. B. counted as unemployed. C. considered out of the labor force. D. counted as employed.
Refer to the above figure. The profit-maximizing price and output for this monopolist are
A) a price of P1 and output of Q1. B) a price of P4 and output of Q1. C) a price of P2 and output of Q2. D) a price of P3 and output of Q3.
A move from an abnormally high rate of unemployment toward a more typical level of unemployment would: a. shift the production possibilities curve inward
b. shift the production possibilities curve outward. c. move society from a point inside the production possibilities curve toward the curve. d. move society from a point on the production possibilities curve to a point beyond the production possibilities curve.
You have the option of consuming one can of soda or two cookies or three oranges. You picked the can of soda. Therefore the opportunity cost of this can of soda is
A) the price of the can of soda. B) the difference in the prices of these three products. C) the price of the cookies as they are not usually consumed with soda. D) either the cookies or the oranges, whichever you like more.