Twenty-nine countries in Europe have formed the European Union (EU). After the EU was formed it
A) eliminated all tariffs among its member countries.
B) completed a trade treaty (NAFTA) that reduced tariff rates between the EU and North American countries.
C) barred imports of 747 jumbo jets by its member countries; all EU countries must now buy jets from Airbus, a European company.
D) greatly decreased imports and exports among its member countries.
A
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For the tragedy of the commons to occur, property rights must be clearly defined and enforced
Indicate whether the statement is true or false
A natural gas monopoly currently sells 100 cubic feet of gas at $1.10 per cubic foot. To sell one more cubic foot, the natural gas company must lower the price of gas to $1.09 . Which of the following best describes the marginal revenue of the 101st cubic foot of natural gas? a. The marginal revenue equals the price, or $1.09
b. The marginal revenue equals the change in price, or $ 0.01. c. The marginal revenue is less than $1.09. d. The marginal revenue is greater than $1.09.