Assume a monopolistically competitive firm is earning an economic profit. The marginal revenue from selling an additional unit is $30 and the marginal cost of producing that additional unit is $23 . The firm should
a. change neither its price nor its output level
b. reduce its price and increase its output level
c. increase its price and reduce its output level
d. reduce both its price and its output level
e. increase both its price and its output level
B
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The engineering approach to estimating incremental environmental costs
a. depends on expert input and is based on least-cost available technology b. obtains estimates of abatement costs directly from polluting sources c. relies on surveys to find the implicit costs of pollution abatement d. is also known as the physical linkage approach
Land is:
A) an artificially created input whose supply is fixed. B) a naturally occurring input whose supply is fixed. C) an artificially created input whose supply is variable. D) a naturally occurring input whose supply is variable.
If Tattling Tina threatens to tell, what would Bratty Brenda's best response be?
a. Hit b. Not hit c. Run d. Hide
Mention the reasons behind the de-integration of American Steel producers