When deciding whether to install visible countdown timers for pedestrians at crosswalks, which of the following would be considered in the cost-benefit analysis? (Check all that apply.)
A. The higher maintenance bill associated with fixing these more complex signals when they break down.
B. The value of the pedestrians' lives saved by having the timers to assist in crossing the street.
C. The cost in terms of dollars of installing these new timers all over the city.
D. The value of the lives lost by drivers who watch the countdown timers and try to make it through a light.
A. The higher maintenance bill associated with fixing these more complex signals when they break down.
B. The value of the pedestrians' lives saved by having the timers to assist in crossing the street.
C. The cost in terms of dollars of installing these new timers all over the city.
D. The value of the lives lost by drivers who watch the countdown timers and try to make it through a light.
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Which of the following statements is true about profits in a monopolistically competitive market?
(A) Monopolistically competitive firms are as profitable as monopoly firms. (B) Profits are rare in monopolistically competitive markets. (C) Most firms will earn substantial profits from year to year. (D) Many firms will earn profits in the short term, but they must constantly innovate and compete to earn profits in the long term.
Which of the following is TRUE for the perfectly competitive firm?
A) Price and MR are always equal. B) AR is less than price. C) AR is more than price. D) Price elasticity of demand is equal to 1.