A monopolist would probably earn fewer profits if
A) the importance of specialized capital equipment in its production techniques increased.
B) the time length of patents increased.
C) environmental regulations increased that required the purchase of special capital equipment.
D) tariffs on competing products were lowered.
D
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According to opportunity-cost theory, if the public lost most of its interest in spectator sports,
A) athletes would have to charge more for their services in order to survive. B) the cost of hiring professional athletes would fall. C) the cost of hiring professional athletes would rise. D) the cost of hiring professional athletes would remain the same.
The table above describes the market for paper. The production of paper produces pollution. There are no external benefits. What amount of tax per ton of paper is necessary to produce the efficient quantity of paper?
A) $60 B) zero C) $40 D) $100
In the debate between equity and efficiency, _____ tend to favor efficiency, while _____ tend to favor equity
a. Keynesians; classicals b. monetarists; supply-siders c. supply-siders; Keynesians d. classicals; supply-siders.
If Fred's marginal rate of substitution of salad for pizza equals 5, then
A) he would give up 5 pizzas to get the next salad. B) he would give up 5 salads to get the next pizza. C) he will eat five times as much pizza as salad. D) he will eat five times as much salad as pizza.