A solid and defensible jury award that punishes negligent behavior can be good for the economy primarily because it
A. compensates the injured party for all damages.
B. takes from the rich and gives to the poor.
C. reassures the public that the legal system is 'fair'.
D. discourages imprudent or reckless behavior.
Answer: D
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Assume the supply function of ice cream is written as: Qs = 100 + 20P - 10Pm, where Qs is the quantity supplied, P is price of ice cream, and Pm is the price of milk ($/gallon)
If milk price increases by $2/gallon due to the policy change, how will the Qs change? A) decreases by 20 B) increases by 20 C) decreases by 10 D) increases by 10
Leugers Custom Cabinetmakers is currently operating at a profit while producing four custom cabinets per week. At that output level, marginal cost exceeds marginal revenue. In order to maximize profit, Leugers should
a. decrease output b. increase output c. leave output at four cabinets per week d. either increase or decrease output, depending on its level of fixed costs e. either increase or decrease output, depending on its level of variable costs