The condition that requires MRTS for each input pair to equal the ratio of their marginal costs is known as ________ efficiency, and the condition that requires MRS for each output pair to equal their output price ratio is known as ________

If the quantity of a good exchanged decreased, a. It would also increase the price if it was caused by a shift in demand. b. It would also increase the price if it was caused by a shift in supply

c. It would always decrease the price as well. d. None of the above would be true.

The major problem with direct controls as an environmental protection measure has been

a. inept administrators. b. corrupt judges. c. illegal dumping. d. legislation with no teeth.