For a risk-averse individual, marginal utility of income does not diminish.
Answer the following statement true (T) or false (F)
False
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Who among the following is exercising their right to pollute?
A) The group of campers burning a fire in a designated fire pit at a state forest campsite B) The Sunday morning churchgoer whose auto emits carcinogens from its exhaust pipe C) The publicly-owned and federally-regulated coal-fired electric utility D) All of the above. E) None of the above.
Critically evaluate the following statement. "Short-run costs curves must be downward-sloping because after all labor is increasingly more productive."
What will be an ideal response?
Barriers to entry reduce the likelihood that price-setter firms will see their positive economic profits competed away over time
Indicate whether the statement is true or false
The rising price of oil has made it feasible to extract oil out of oily sand in Canada. Concerning the oil market this is an example of
A) a higher price elasticity of supply in the long run. B) a higher price elasticity of supply in the short run. C) a higher price elasticity of demand in the short run. D) an inelastic long-run supply of oil.