Tradable allowances are like taxes in that they both:
A. maximize surplus.
B. are not efficient.
C. impose a quota on output.
D. None of these statements is true.
Answer: A
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The demand curve
A. Is a graphical representation of the relationship between price and quantity demanded. B. Determines equilibrium price in a market. C. Depicts the relationship between production costs and output. D. Is a graphical representation of the relationship between price and quantity supplied
The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the ________ worker because ________
A) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker B) 5th; output is maximized C) 5th; output declines with the 6th worker D) 3rd; the average product of labor is also increasing E) 4th; the average product of labor is also increasing