The optimal level of air quality
a. is always zero
b. occurs when the marginal social cost of air quality exceeds the marginal social benefit
c. is greater if the marginal social benefit curve of air quality shifts rightward
d. occurs when positive externalities are eliminated
e. eliminates the common pool problem
C
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A monopolist has no supply curve because
a. as demand changes, each output level can be consistent with more than one profit-maximizing price b. monopolists tend to restrict output c. monopolists have no marginal cost curve d. monopolists can charge any price they want e. as demand changes, the firm's profit-maximizing choice of output may change
The first federal antitrust law enacted in the United States was:
a. The Clayton Act b. Thr Sherman Antitrust Act c. The Robinson Patman Act d. The Federal Trade Commission Act e. The Herfindahl-Hirschman Act