The long-term supply of labor
A. can vary from region to region but does not change within a region.
B. does not depend on location as flows of workers between regions cancel each other out.
C. depends on location, as some regions are more attractive to workers.
D. generally does not vary much from region to region.
Answer: C
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A major fruit juice manufacturer failed in its attempt to engage in price discrimination between students and all other consumers. What is a possible explanation for this failure?
a. There was nothing to prevent the students from reselling the fruit juice to other consumers. b. The fruit juice manufacturer produced in a perfectly competitive market. c. The two groups of consumers probably have the same demand elasticity for fruit juice. d. The cost of producing the product is relatively high. e. Demand for fruit juice is probably inelastic.
A pollution tax is:
a. a positive externality used to offset a negative one b. a price per unit of discharge of pollution c. a tax on pollution control equipment d. itself a form of negative externality