The water and diamonds paradox of value results from
A) the concept of deadweight loss.
B) the "law of demand."
C) diminishing marginal utility.
D) the elasticity of demand.
C
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Suppose Factory A emits 15,000 units of "Yuck" monthly, Factory B emits 30,000 units, and Factory C emits 45,000 units. Also suppose A's cost of reducing the emission is $1 per unit, B's cost is $2 per unit, and C's cost is $3 per unit
If the EPA prohibits any factory from emitting more than 15,000 units of yuck per month, what would be the total cleanup cost? A) $15,000 B) $40,000 C) $45,000 D) $90,000 E) $120,000
The value of a real option varies with all of the following, EXCEPT:
a. the range of outcomes. b. the rate of interest. c. the rate of unemployment. d. the delay in resolving uncertainty.
________ account(s) for between 1 and 4 percent of health care costs in the United States
A) The aging population B) Uninsured patients receiving treatments at hospital emergency rooms that could have been provided less expensively at doctor's offices C) The payments to settle malpractice lawsuits and the premiums doctors pay for malpractice insurance D) Advances in medical technology
At $7.25 per hour, the 2016 inflation adjusted minimum wage was
A. statutorily constant. B. at an all-time high. C. nearing a 50-year low. D. near its historical average.