Which one of the following statements best describes projected water demands in the coming decades?
a. Global water demand will increase, but agricultural demand will decrease
b. Water demand will increase significantly in all countries
c. Global water demand will increase mainly due to increased agricultural demand
d. Global water demand will increase mainly in developed countries
e. Global water demand will remain relatively constant
Ans: a. Global water demand will increase, but agricultural demand will decrease
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To the extent that brand names developed in monopolistic competition provide a benefit to the consumer, it is:
a. by allowing for a lower total cost. b. through their assurance that the firm will provide a quality product in order to preserve repeated transactions. c. by encouraging the entry of new competitors. d. by allowing the firm to engage in price discrimination.
When a firm generates external benefits, a more efficient outcome would result if
a. the firm produced a larger output level. b. the firm reduced its output level. c. a tax were levied on the firm equal to the dollar amount of the externalities. d. price were fixed below the firm's per-unit cost.