If a regulatory board wanted to make sure that a natural monopoly chose a price resulting in the efficient level of output, it should set a price equal to:
a. marginal cost

The tragedy of the commons is a widely used model often referred to in discussions about

a. space and ocean exploration. b. lack of scientific research. c. air and water pollution. d. shared natural resources.

Changing the units of measurement, e.g. measuring testscores in 100s, will do all of the following EXCEPT for changing the

A) residuals B) numerical value of the slope estimate C) interpretation of the effect that a change in X has on the change in Y D) numerical value of the intercept