What is the great advantage of adjudication over legislation in the management of negative externalities?
A) Adjudication has lower costs.
B) Adjudication maintains the continuity of expectations.
C) Courts are bound by the rule of law and legislatures are not.
D) Courts can act more quickly than legislatures.
E) There are no clear answers in such cases.
B
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Total revenue is equal to
A) the amount of funds earned by a firm minus its costs of production. B) the total quantity sold of a product over a given period of time. C) the price of a product multiplied by the number of units of the product sold. D) the monetary value of the capital (for example, plant and equipment) a firm owns.
Use the following graph to answer the next question.
A firm that has the long-run cost curves shown in the graph above would not be able to ________.
A. exploit economies of scale B. serve an increasing share of the market at lower and lower unit costs C. attain lower unit costs by reducing its output level D. have an entry barrier protecting it from new entrants into the market