Pollution taxes are more efficient in cleaning up the environment than direct controls. What role is there for direct controls?
a. They are useful standby mechanisms.
b. They are useful if it is decided to prohibit the substance altogether.
c. They are useful where dependable metering devices are not available or prohibitively costly to install.
d. All of the above are true.
d
Economics
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If the price elasticity of demand is greater than 1, a monopoly's
A) total revenue increases when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is negative. D) marginal revenue is zero.
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Which of the following equations is correct?
A) AVC - ATC = AFC B) AVC + ATC = AFC C) AFC + AVC = ATC D) ATC + AVC = AFC
Economics