If an event has three possible outcomes, A, B, and C, and the probability of event A occurring is 0.20, the probability of event B occurring is 0.20, the probability of event C occurring is ________.
A) 0.20
B) 0.60
C) 1.00
D) 0.30
B) 0.60
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An ambientstandard
a. specifies a pollution limit and lets polluters choose the technology to achieve that limit b. designates the equipment or control method that must be used to abate pollution c. assures that the least-cost abatement approach will be used by all polluters d. none of the above
In the one-input model, the marginal product of labor curve falls below the horizontal axis only if the production frontier slopes down.
Answer the following statement true (T) or false (F)
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1
Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.
Other things remaining the same, when a fall in the price of one good is followed by an increase in the demand for another good, both goods are said to be:
a. inferior goods. b. substitute goods. c. Giffen goods. d. public goods. e. complementary goods.