An increasing-cost industry is so named because of the positive slope of which curve?
A) Each firm's short-run average cost curve
B) Each firm's short-run marginal cost curve
C) Each firm's long-run average cost curve
D) Each firm's long-run marginal cost curve
E) The industry's long-run supply curve
E
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Which of the following programs or policies could be used to decrease water shortages?
a. Decrease supply b. Increase demand c. Impose taxes on water producers d. Impose subsidies on water users e. Implementing greywater systems f. None of the above. g. All of the above.
Tom carries on loud cellphone conversations in public places. He values such conversations at $1 per minute. Steve prefers piece and quiet. He would pay $2 per minute to avoid overhearing Tom's conversations. In this situation
a. Tom should quit using his cellphone because that would be a Pareto improvement b. Tom should quit using his cellphone because that would be efficient c. If Steve made a side payment of $3 to Tom, that would be a Pareto improvement d. If Steve paid Tom 50 cents per minute to quit talking, that would be a Pareto improvement e. If Steve paid Tom $1.50 per minute to quit talking, that would be a Pareto improvement