The textbook argues that "congestion pricing", if properly implemented, could make all drivers better off by
What will be an ideal response?
encouraging them to drive only when doing so is significantly more valuable than the alternative courses of action.
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Why is a point below the production possibilities curve less efficient than a point on that curve?
What will be an ideal response?
Firms in perfectly competitive markets who wish to maximize profits should produce:
A. less as long as marginal cost is less than marginal revenue. B. more as long as marginal cost is greater than marginal revenue. C. at the level where marginal cost equals marginal revenue. D. All of these are true.
Refer to the graphs shown.
If income is $60 and the price of Y is $3, a decrease in the price of X from $3 to $2 would cause a movement:
A. from point A to point B. B. along the demand curve from point E to point F. C. from point C to point B. D. along the demand curve from point D to point E.
When income increases, the demand curve for an inferior good
A. remains constant. B. shifts to the left. C. moves up along the demand curve for the product. D. shifts to the right.