Which of the following statements about deposit/refund systems is INCORRECT?
a. Most deposit/refund systems in the United States are used for beverage containers and lead-acid batteries.
b. Some nations use deposit/refund systems for automobile bodies.
c. The deposit is imposed at the time of purchase like a retail disposal charge.
d. To be a viable system, the refund must be exactly equal to the deposit.
d. To be a viable system, the refund must be exactly equal to the deposit.
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Refer to the above figure. For a normal good, the rightward shift of the curve could have been caused by
A) a technological improvement. B) an increase in the cost of inputs. C) an increase in income. D) a decrease in income.
What occurs when a price changes and consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price?
a. Budget constraint b. Consumer equilibrium c. Substitution effect d. Income effect
Joe's Butcher Shop is producing where MR = MC, Joe's Butcher Shop must be
A) earning a zero economic profit. B) incurring a loss. C) maximizing profits. D) maximizing revenue but not maximizing profits.
When the demand for a product decreases but the supply of the product remains unchanged,
A. the price of the product will rise and quantity will decrease. B. the price of the product will be unaffected. C. the price of the product will fall and quantity will remain the same. D. the price of the product will fall and the quantity will fall.