The table above describes the market for paper. The production of paper produces pollution. There are no external benefits. What amount of tax per ton of paper is necessary to produce the efficient quantity of paper?

Cooperative efforts to establish a regional free trade area in the Asian-Pacific corridor have been hampered by perceived security threats posed by China and Japan as well as

a. fears of fragmenting the global trading system. b. existing relationships with the U.S. as a trading partner. c. the current Trans Pacific Partnership. d. the wide range of forms of government.

If a competitive firm cannot earn a profit at any level of output during a given short-run period, then which of the following is FALSE?

A) It will shut down in the short run and wait until the price increases sufficiently. B) It will exit the industry in the long run. C) It will operate at a loss in the short run. D) It will minimize its loss by decreasing output so that price exceeds marginal cost.