According to EPA estimates, compliance with pollution-control regulations cost U.S. producers and consumers more than what amount in 2012?
a. $100 billion
b. $200 billion
c. $300 billion
d. $400 billion
c
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Assume Px is the price of good X on the horizontal axis and Py is the price of good Y on the vertical axis. The slope of the budget line equals:
a. Py / PxY. b. PyQy / Px Qx. c. (1 ? Py / Px). d. Px / Py.
Refer to the accompanying figure. If the current market price were $20:
A. there would be an excess demand of 25 units. B. the market would be in equilibrium. C. there would be an excess demand of 35 units. D. there would be an excess supply of 25 units.
If competitive industry Y is incurring substantial losses, output will
What will be an ideal response?
Will a monopolist produce at a quantity that is higher than the long-run competitive equilibrium output level?
A. No, profit maximization for a monopoly always occur at a lower output level than in a competitive market. B. Yes, the monopoly always produces at an output level larger than in a competitive market. C. Yes, but only if it is a monopoly because it holds a patent. D. There is no theory in microeconomics that states that a monopolist produces larger or smaller output than in a perfectly competitive firm in the long-run.