A market structure in which the decisions of individual buyers and sellers have no effect on market price is
A. a long-run industry.
B. a market supply industry.
C. perfect competition.
D. a short-run industry.
Answer: C
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When a forest is logged, it is possible for the logging to create "soil runoff," a situation in which the soil, no longer protected by trees, erodes and silts a river miles downstream from the logging area
Is soil runoff created by logging in Montana that ruins a river an example of a private cost to the lumbering company or an external cost?
Olivia was accepted by Northwestern and by another university. She is trying to decide where to go. Which of the following should influence her decision?
a. how much she spent applying to Northwestern, and the difference between living expenses at Northwestern and the other university b. how much she spent applying to Northwestern, but not the difference between living expenses at Northwestern and the other university c. the difference between living expenses at Northwestern and her second choice, but not how much she spent applying to Northwestern d. neither how much she spent applying to Northwestern nor the difference between living expenses at Northwestern and her second choice
Draw a picture to illustrate why total surplus is highest at the competitive equilibrium price and not at a price below equilibrium. Explain your diagram.
What will be an ideal response?
Refer to the data provided in Table 10.1 below to answer the following question(s).
Table 10.1 
Refer to Table 10.1. If the payment to labor per day is $100, this T-shirt manufacturer is maximizing profits if he will hire ________ employee(s).
A. one B. two C. four D. five