From an economist's perspective, an important consideration for policies to address global warming is:
A. The market for recyclable inputs
B. The supply and demand for recycled products
C. The marginal cost and marginal benefit of the policies
D. A lawsuit that can arise from the enactment of the policies
C. The marginal cost and marginal benefit of the policies
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A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. What is the equilibrium quantity in the market
a. 5 units b. 6 units c. 7 units d. 8 units
Self-interest makes cartels unstable for all of the following reasons except which one?
A) Each firm has an incentive to be the whistle-blower. B) Each firm has the incentive to produce more than the agreed upon quantity. C) Each firm has the incentive to lower their costs by producing less than the agreed upon quantity. D) Each firm has an incentive to be the first to report and confess cartel behavior.