Refer to Figure 16-6. Suppose instead of charging the monopoly price for his classes, Sensei charges the competitive price. What is the competitive price and what is the quantity demanded at this price?

Suppose cars are taxed according to the amount of pollution they emit per gallon of gasoline consumed. We would expect to observe all of the following EXCEPT

A) an increase in quantity demanded of less-polluting automobiles and a reduction in quantity demanded of more-polluting automobiles. B) an increase in quantity demanded of more fuel-efficient cars. C) an increase in production of automobiles that were less polluting. D) an increase in the miles driven.

In the short run, costs that arise from resources that cannot vary in quantity are known as ____________, whereas costs from inputs that can vary in quantity are known as ____________

a. fixed costs; variable costs b. explicit costs; implicit costs c. opportunity costs; variable costs d. fixed costs; opportunity costs e. variable costs; fixed costs