Figure 17-9
Refer to . Without trade, the equilibrium price of carnations is
a.
$8 and the equilibrium quantity is 300.
b.
$6 and the equilibrium quantity is 200.
c.
$6 and the equilibrium quantity is 400.
d.
$4 and the equilibrium quantity is 500.
a
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Could pollution be eliminated by banning all activities harmful to the environment?
A) No, because legislation is influenced by industrial lobbyists. B) No, because the cost of doing so would be higher than even the most dedicated environmentalist would agree to accept. C) Not until we have better information on the sources of pollution. D) Yes, if we are willing to place long-run considerations ahead of short-run profits.
Suppose that we compare shares of income earned by different U.S. groups by dividing all households into five groups. Which of the following statements about the income distribution in the United States is correct?
A. Shares of income remain roughly constant as we move from the lowest quintile to the highest quintile. B. Shares of income decrease as we move from the lowest quintile to the highest quintile. C. Shares of income increase as we move from the lowest quintile to the highest quintile. D. None of these