Overfishing leading to a rapid depletion of the stock of fish is an example of ________
A) the tragedy of the commons
B) the free-rider problem
C) the paradox of thrift
D) the prisoners' dilemma
A
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A firm's demand for labor
A) increases when the price of the firm's output falls. B) decreases when the price of the firm's output falls. C) decreases when the wage rate decreases. D) always increases when the prices of other factors fall.
Which area in the above figure shows the consumer surplus at the price and quantity that would be attained if the industry were perfectly competitive?
A) A + B + C + D B) A + B + C + D + E C) F + G + H D) A + B + C + D + E + F + G + H
Which of the following is true of perfectly competitive firms? a. It is difficult for entrepreneurs to become suppliers of a product in a perfectly competitive market structure. b. A perfectly competitive firm has a perfectly elastic supply curve
c. In a perfectly competitive market, an individual seller can change his price and it will not alter the output he sells. d. None of the above are true.
The more elastic the demand curve, the ____ will be the effect of a tax on the quantity exchanged and the ____ will be the welfare cost. a. greater; greater
b. greater; smaller. c. smaller; greater. d. smaller; smaller.