The California gold rush resulted in an increase in the amount of money in circulation and an increase in prices across the country
Indicate whether the statement is true or false
True
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Two firms, A and B, each currently dump 50 tons of chemicals into the local river. The government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. The government will sell 40 pollution permits for $75 each. It costs Firm A $100 for each ton of pollution that it eliminates before it reaches the river, and it costs
Firm B $50 for each ton of pollution that it eliminates before it reaches the river. Neither firm produces any less output, but they both conform to the law. It is likely that between the cost of permits and the cost of additional pollution abatement, a. Firm B will spend $3,500. b. Firm A will spend $4,000. c. Firm A will spend $4,500. d. Firm B will spend $3,000.
The perfectly competitive firm represented in Figure 9-10 has a short-run supply curve that follows the
a.
marginal cost curve
b.
vertical axis for prices less than $4.00 and follows the marginal cost curve for prices above $4.00
c.
vertical axis for prices less than $2.50 and follows the marginal cost curve for prices above $2.50
d.
vertical axis for prices less than $5.50 and follows the marginal cost curve for prices above $5.50
e.
horizontal axis for quantities less than 50 and follows the marginal cost curve for quantities above 50