Describe the costs of deforestation
What will be an ideal response?
Flooding, leading to disease and death; loss of sustainable logging potential, erosion potential, watershed stability, and carbon sequestration.
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Refer to Figure 14-1. If Lexus lowers its price, will this deter BMW from entering the market?
A) Yes, because BMW will make a smaller profit than Lexus if it chooses to compete. B) No, because BMW will be able to break Lexus' first-mover advantage. C) No, because BMW will still make a profit of $120 if it competes with Lexus. D) Yes, because BMW stands to lose $100 million if it competes with Lexus.
A util represents a unit of measurement for the:
a. dollars a consumer spends on a good. b. profit a firm makes from producing a good. c. way a consumer will respond to a change in price. d. happiness a person obtains from consuming a good. e. way a producer will respond to a change in price.