The optimal level of water and air quality
a. is zero, which is a pollution-free environment
b. occurs when the marginal private cost of air quality equals its marginal social cost
c. is greater if the marginal social cost curve of air quality shifts downward
d. occurs when all negative externalities are eliminated
e. eliminates the common pool problem
C
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A market with a large number of sellers
A) can only be a perfectly competitive market. B) might be an oligopoly or a perfectly competitive market. C) might be a monopolistically competitive or a perfectly competitive market. D) might be a perfectly competitive, monopolistically competitive, oligopoly, or monopoly market. E) can only be a monopolistically competitive market.
According to classical economists, if there is a 12% increase in the money supply, what will happen to the price level?
a) The price level will increase by 6%. b) The price level will decrease by 6%. c) The price level will increase by 12%. d) The price level will decrease by 12%.