Which of the following is a type of command-and-control regulation?
A. A law requiring consumers of electronics to pay a tax according to the amount of toxic heavy metals in each item purchased
B. A law setting the maximum allowable amount of sulfur dioxide (SO2) in a certain district, and auctioning off permits totaling the allowable tons of SO2
C. A law requiring coke ovens to be built in a certain way so as to restrict the amount of pollution they emit
D. A law taxing users of fuels according to the carbon content in the fuel
Answer: C
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What are the likely consequences of providing monetary incentives to politicians for good performance?
What will be an ideal response?
Refer to Figure 12-11. Suppose the prevailing price is $20 and the firm is currently producing 1,350 units. In the long-run equilibrium
A) there will be fewer firms in the industry and total industry output decreases. B) there will be fewer firms in the industry but total industry output increases. C) there will be more firms in the industry and total industry output remains constant. D) there will be more firms in the industry and total industry output increases.
When buying a used car from a dealer, showing up in cheap clothing and ungroomed is an example of:
A. statistical discrimination. B. signaling. C. screening. D. building a reputation.
The expression, "There's no such thing as a free lunch," implies that
What will be an ideal response?