The provision of a legal system is an important economic function of the government because
A) lawyers and judges tend to be high-income people.
B) people need to feel safe when they go to work.
C) the legal system affects how exchange takes place through its enforcement of contracts.
D) the legal system affects the distribution of income through its awarding of damages in accident claims.
C
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Total surplus is maximized in a(n) ________
A) monopolistically competitive market B) perfectly competitive market C) oligopoly D) monopoly
Suppose research indicates that the effects of a one degree increase in Earth's average temperature would be much more devastating than previously believed. Therefore, the greater the marginal benefit of reducing greenhouse gases, other things constant,
a. the lower the optimal level of emissions b. the higher the optimal level of emissions c. the likelier that the level of emissions would have no effect d. the lower the optimal level of cleaner air e. None of the answers is correct