According to the text, if a policy is designed to move a production process toward efficiency when pollution exists, the best tax is a

Since a monopoly can set any price it wants, it always makes a profit?

Indicate whether the statement is true or false

After the American Civil War, many prominent Southerners lamented the fact that the South “overproduced” cotton and “underproduced” food. In fact, the South did import a very large percentage of its food. Nevertheless, rather than reduce cotton production and grow more food, Southern farmers did the opposite because

A. they were irrational and distraught over the loss of slavery. B. the South had a comparative advantage in cotton production. C. the North had a comparative advantage in cotton production. D. corn was absolutely cheaper to produce in the North.