What best describes the changes in steel production from 1860-1910?
a. The Bessemer process replaced earlier methods of production and became the dominant method of producing steel by 1910.
b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process.
c. The open-hearth process, the first method of producing steel, was replaced by the Bessemer process.
d. The Grandy process replaced both the open-hearth process and older technologies.
b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process.
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A specific tax in a monopoly market equal to the marginal harm of pollution
A) will increase welfare. B) will decrease welfare. C) will leave welfare unchanged. D) All of the above are possible.
As the price level falls
a. people will want to buy more bonds, so the interest rate rises. b. people will want to buy fewer bonds, so the interest rate falls. c. people will want to buy more bonds, so the interest rate falls. d. people will want to buy fewer bonds, so the interest rate rises.