Fixed inputs are those whose
a. quantity changes as the level of output changes
b. costs are irreversible
c. quantity remains constant regardless of the level of output
d. quantity determines the level of profit
e. appearance was damaged while being transported, but has been fixed
C
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The socially optimal amount of pollution is
A) zero. B) greater than zero. C) indeterminant. D) unattainable.
The demand for seats in 10 a.m. classes at the university is higher than the demand for seats in 8 a.m. classes. The supply of seats is fixed. If the university can only charge a single price and wishes to maximize the total number of seats purchased during the day, it should set the price
A) at equilibrium for 8 a.m. classes. B) at equilibrium for 10 a.m. classes. C) midway between the two equilibria. D) below either 8 a.m. or 10 a.m. equilibrium price.