If the Environmental Protection Agency (EPA) directs an old lace factory to install an expensive water purification system to treat its wastes before they are discharged into the river,
a. the price of lace will fall
b. the lace factory may go out of business
c. this directive is unenforceable
d. the private cost curve will shift to the right
e. more lace is sold so the factory can cover the higher costs
B
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According to the Application, the argument that the broken window is good for society
A) works in the Keynesian world when the economy is operating below full employment. B) never works in the Keynesian or classical worlds regardless of where the economy is operating relative to full employment. C) works in the classical world when the economy is operating at full employment. D) works in both the Keynesian and classical worlds regardless of where the economy is operating relative to full employment.
An increase in disposable income would tend to shift aggregate demand right
a. True b. False Indicate whether the statement is true or false