Which group would be the least upset by wide variation in the income distribution?
a. utilitarians
b. liberals
c. libertarians
d. Each group would be equally upset.
c
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According to the dual-control approach, states set abatement levels for existing stationary sources below the EPA-administered standard for new sources. The "new source bias" associated with this approach is that
a. firms have an incentive to shut down their businesses b. states have an economic motive to set very stringent standards for existing sources c. firms have an incentive not to start new construction and instead remain in older, existing facilities d. the EPA has an incentive to set lenient standards for new sources
Most economists in the U.S. believe that the price mechanism leads to
A. an efficient allocation of resources. B. an equitable distribution of income. C. both an efficient allocation of resources and an equitable distribution of income. D. neither an efficient allocation of resources nor an equitable distribution of income.
Equilibrium for the monopolist occurs where P > MR > MC > Average total cost.
Answer the following statement true (T) or false (F)
When the price of pens went from $1 to $1.50, the quantity demanded of pencils changed from 50 to 75 a day. The cross-price elasticity of demand for pens (using the initial value formula) is:
A. 0.8. B. 0.4. C. 0.2. D. It cannot be determined from the information provided.