An export is a product
A) produced in a foreign country and purchased by the residents of the home country.
B) produced in the home country and sold in another country.
C) produced in and sold to the residents of a foreign country.
D) produced in and purchased by residents of the home country.
B
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Keeping in mind the Coase theorem, in the figure above, if the pesticide factories own the lake, the market does what?
A) overproduces 120 tons of pesticide B) underproduces 120 tons of pesticide C) overproduces 60 tons of pesticide D) produces the efficient quantity of pesticide
Which of the following conditions must be TRUE so that a firm can profitably price discriminate?
A) The firm must be able to identify individual or groups of consumers with different demand curves. B) The firm must be able to identify how its consumers' demand curves differ. C) The good cannot be easily resold. D) All of the above.