Critics argue that society is depleting its energy resources far too quickly. The most likely explanation for this behavior is that
a. firms try to avoid making irreversible decisions about resource depletion.
b. investors expect interest rates to fall continuously in the future.
c. individuals tend to value their own well-being more highly than the well-being of future generations.
d. people do not have what Pigou called a "defective telescopic faculty."
c
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Figure 7-16
In Figure 7-16, as we move from A to B,
A. the relative price of machines falls. B. total cost falls. C. output increases. D. labor becomes less productive relative to capital.
Compare and contrast the classical and Keynesian schools of thought for the following economic issues.(a)The flexibility of wages and prices.(b)The importance of macroeconomic policies.
What will be an ideal response?
Why was a fixed price of $50 not the best way of allocating used laptops? Suggest other possible ways of distributing the laptops that would be efficient
What will be an ideal response?
Which of the following conditions would result in the short run marginal cost curve not correctly reflecting the supply behavior of a profit maximizing firm?
a. The firm is a price taker. b. Price exceeds average total cost. c. The elasticity of demand facing the firm is ?3. d. the firm can vary several inputs in the short run.