An important observation about the NAAQS is that
a. they are set at the regional level to recognize different demographics and traffic patterns
b. all regions must meet the same standard, making efficiency achievement highly unlikely
c. they are uniform across all regions including PSD areas
d. they have been amended to include GHG air pollutants
b. all regions must meet the same standard, making efficiency achievement highly unlikely
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If the price elasticity of demand for moose hunting lessons is 4.23, then the demand for moose hunting lessons is
A) elastic. B) unit elastic. C) inelastic. D) perfectly unit elastic. E) perfectly elastic.
Which of the following statements is true?
A) In the long run, the average cost curve is always downward sloping. B) In the long run, the quantities of all inputs are fixed. C) In the long run, the firm's fixed costs are greater than its variable costs. D) In the long run, all costs are variable costs. E) In the long run, the total variable cost equals the total fixed cost.
If an event is certain to occur, it has a probability (pr) of
A) 0. B) 0 < pr < 1. C) 1. D) Not enough information to determine.
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. What is the size of the producer surplus?
A. $4 billion B. $6 billion C. $10.5 billion D. $8 billion