A market that involves only one seller of a good or service is known as
a. a monopoly
b. perfect competition
c. monopolistic competition
d. an oligopoly
e. perfect monopolistic competition
A
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Suppose the marginal social cost (MSC) of abatement for particulate matter (PM) is MSC = 8 + 0.5A, where A is percent of PM removed, and MSC is in millions of dollars. Find the change in total social costs (TSC) of abatement if the abatement level increases from 12 percent to 20 percent as a result of new policy.
What will be an ideal response?
An assumption used in the quantity theory of money is that
A) velocity is constant. B) the money supply is constant. C) nominal Gross Domestic Product (GDP) is constant. D) the price level is constant.
The country whose production possibilities frontier is illustrated above is currently at position A on the production possibilities frontier. If it wishes to move to position B, it will
A) find this change impossible to achieve given the resources it currently possesses. B) have to employ all currently unemployed resources to accomplish this. C) incur an opportunity cost of having to give up some butter in order to make the additional amount of guns desired. D) be able to make the desired switch only if there is a significant improvement in the technology available to the nation.
Wage differentials exist because not all workers and all jobs are alike
a. True b. False Indicate whether the statement is true or false