Refer to Scenario 18.1. If the fishermen are given the right to clean water,
A) the outcome will be more efficient than if the factory is given the right to use the water as it sees fit.
B) the outcome will be less efficient than if the factory is given the right to use the water as it sees fit.
C) the efficient outcome will occur no matter who is given which property right, and the individual gains will be the same in each case.
D) the factory will be forced to shut down.
E) the efficient outcome will occur no matter who is given which property right, but how that maximum gain is split will be determined during bargaining.
E
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When Homer has 5 doughnuts, his marginal value is 15¢ per doughnut. We can conclude that Homer
a. places a value of 3¢ on each doughnut he owns. b. needs to purchase more than 5 doughnuts to reach his optimum. c. receives 75¢ worth of total satisfaction from his 5 doughnuts. d. would refuse to pay more than 15¢ for a sixth doughnut.
Which of the following statements is true of Malthus's theory?
A) Malthus suggested that fertility level of the population will remain constant over time. B) Malthus suggested that the life expectancy of the population will remain constant over time. C) Malthus suggested that in the long run, income levels will grow exponentially. D) Malthus suggested that in the long run, income levels will stay at subsistence.
List and describe the two government agencies that enforce antitrust laws in the United States
What will be an ideal response?
Which of the following is an example of the law of supply?
A) The price of gum has increased so producers are making more gum. B) The price of labor has increased and producers decrease supply. C) The amount of a good purchased increases when the price decreases. D) Producers provide less of a good when the price increases.