Which of following is NOT true of the equilibrium price?
A. Sellers who are willing to accept the equilibrium price can sell what they produce.
B. It is fair in the sense that everyone can afford basic goods and services.
C. It measures the value of the last unit sold to consumers.
D. Buyers who are willing to pay the equilibrium price can acquire the good.
Answer: B
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You decide to forgo a third slice of pizza and have a scoop of ice cream instead. This is an example of the economic concept of:
A. diminishing marginal utility. B. altruism. C. reciprocity. D. selfishness.
Since the end of World War II,
A) world trade has grown more slowly than world GDP in the same time period. B) world trade has grown more slowly than during the years leading up to World War II. C) the trade-to-GDP ratios of most countries have fallen. D) world trade has grown more rapidly than world output.
Refer to the information in Figure 16.5 below to answer the question(s) that follow.
?Figure 16.5Figure 16.5 shows the marginal benefits of emitting pollution for the only two chemical companies in an industry, Alpha Chemicals and Beta Chemicals. Before any tax on pollution emissions is imposed, each company views pollution as being free.Refer to Figure 16.5. Before any tax on pollution is imposed, the total amount of pollution being emitted in this industry is ________ tons.
A. 50 B. 100 C. 150 D. 200
Applying the concept of "clean enough" to endangered species, an economist means the
A. state of species endangerment where the marginal cost of cleaning equals the marginal benefit of cleaning. B. state where no species are ever harmed. C. state of species endangerment where the total cost of cleaning equals the total benefit of cleaning. D. state of species endangerment where the average cost of cleaning more equals the average benefit of cleaning more.