Which of the following environmental problems is among the most-easily solved?
A. a nation's air pollution issues
B. the world's global warming issues
C. waste water treatment
D. a nation's coastal water pollution issues
Answer: C
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Elasticity measures the
A) percentage change in a variable. B) slope of a curve. C) change in a variable. D) responsiveness of a variable to a change in another variable.
Suppose that (1) LRATC is minimized at $60 when 30,000 units are being produced, (2) the quantity demanded at a price of $60 is 150,000 units, and (3) there are currently 10 firms producing in the market. Then,
a. we should expect competition to result in a decrease in the number of firms b. we should expect a natural monopoly to emerge c. we should expect some existing firms to divide up into smaller firms. d. the LRATC curve will shift upward in the long run e. the LRATC curve will shift downward in the long run.