Recall the Application about the value of trees in residential neighborhoods to answer the following question(s).Recall the Application. The benefits from planting trees in residential neighborhoods, including improved air quality and aesthetics, go to the property owner as well as the neighbors. This implies that trees provide:
A. only private benefits.
B. only social benefits.
C. both private and social benefits.
D. only public benefits, but not private or social benefits.
Answer: C
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If one really believes that price spikes known as "price gouging" are due to a surge in greed among suppliers, then
A) they haven't quite mastered the economic way of thinking. B) their comfort in knowing that thousands if not millions of others agree with them is not sufficient economic evidence to conclude that their claim is correct. C) their claim implies that significant price decreases are due to a sudden reduction in greed among suppliers. D) all of the above are true.
What is the reason behind the popularity of auctions among consumers?
What will be an ideal response?
The conflict between the Vice President of Marketing and her sales staff arises because
a. the sales staff are unwilling to offer discounts b. the Vice President does not want to negotiate aggressively enough c. the sales staff do not want to negotiate too aggressively d. the Vice President is more willing to offer discounts to make the sale
If the price were $20, what would the firm do in the (a) short run? (b) long run?
