Which of the following situations is represented by a nearly horizontal supply curve for a good?
a. Small price changes lead to small changes in quantity demanded of the good.
b. Small price changes lead to small changes in quantity supplied of the good.
c. Producers of the good are not operating efficiently.
d. Producers of the good are not maximizing profit.
e. Small changes in the price of the good lead to large changes in the quantity supplied of the good.
e
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The four firm concentration ratio in an industry with ten equally sixed firms is 40%
a. True b. False Indicate whether the statement is true or false
The following table shows four firms, the amount each pollutes, the marginal cost for each firm to clean up pollution, and the total cost to each firm of eliminating all pollution.FirmTotal Discharge (in tons)Marginal Cost of Cleanup(per ton)Total Cost of CleanupA60$5.00$300B70$8.00$560C80$7.50$600D90$4.00$360The total discharge of these four companies is 300 tons. Assume there is no one else who pollutes. If the government establishes an effluent fee of $7.00 per ton, how much tax would firms pay to the government?
A. $660 B. $1,050 C. $2,100 D. $1,820