Hailey worked for Autonation and was laid off when car sales fell during a recession with falling incomes. This is an example of

When using the economic efficiency approach to controlling air and water pollution, the government

a. forces each firm to produce emissions in the most cost efficient manner irrespective of its cost structure b. offers each firm the flexibility to reduce emissions in the most cost effective manner, given its unique cost structure c. offers each firm the option of choosing between the cost minimizing emission level and the profit maximizing emission level d. provides each firm with some fixed rules and then requires them to maximize profits given these fixed rules e. offers each firm the option of using marginal cost pricing and average cost pricing when determining the optimum emissions levels

Which of the following is required for a monopolist to receive positive economic profits in the long run?

a. Minimal entry barriers b. Exchange of technological know-how with rival firms c. High barriers that block new entry d. Allowing rival firms to produce close substitute products