Microeconomics only looks at the behavior of one consumer or one firm in a market, while macroeconomics looks at the behavior of an entire industry or group of consumers

Which one of the following statements best describes the results of the Clean Air Act in the United States?

a. It has been successful at reducing levels of both criteria and toxic pollutants b. It has been unsuccessful at reducing levels of both criteria and toxic pollutants c. It has been successful in reducing levels of criteria pollutants, but levels of toxic pollutants have increased d. It has been successful in reducing levels of toxic pollutants, but levels of criteria pollutants have increased e. It is too early to judge whether the Clean Air Act has reduced pollution levels

On average, if demand is unknown and costs of underpricing are _______ than the costs of overpricing, then err on the side of_________

a. Smaller; overpricing b. Smaller; underpricing c. Larger; underpricing d. None of the above