The slope of an iso-revenue line is determined by
A) The ratio of the product to the level of output. B) The ratio of the price of the two products.
C) The ratio of output to the price of the product. D) None of the above
Answer: B
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Consider the following methods of pollution reduction:
a. the government sets a target for maximum emissions b. the government mandates the installation of specific pollution abatement equipment c. the government imposes a per unit tax on the good that creates pollution d. the government gives firms a tax rebate for every unit of pollution abated Which of the above is an example of a command-and-control approach to reducing pollution? A) a only B) b only C) a and b only D) a, b, and d only E) a, b, c, and d
Which of the following must be true if average total cost is rising?
a. Average fixed cost must be rising. b. Total fixed cost must be rising. c. Average variable cost must be falling. d. Marginal cost must be greater than average total cost.