question
What is the slope of the following line?
P= 12Q + 5
P= 12Q + 5
answer
12
question
What is the derivative of Ln (x^3)
answer
3 / X
question
generally how do supply and demand curves curve?
answer
supply curves up while demand curves down
question
A supply curve reveals:
answer
the quantity of output that producers are willing to produce and sell at each possible market price.
question
You are analyzing the demand for good X. Which of the following will result in a shift to the right of the demand curve for X?
answer
An increase in the price of a good that is a substitute for X
question
The battery packs used in electric and hybrid automobiles are one of the largest cost components for manufacturing these cars. As the price of these batteries decline, we expect that the:
answer
supply curve for electric and hybrid autos will shift rightward.
question
The current market price for good X is below the equilibrium price, and then the demand curve for X shifts rightward. What is the likely outcome of the demand shift?
answer
The shortage increases
question
The slope of an indifference curve reveals:
answer
the marginal rate of substitution of one good for another good.
question
Indifference curves are convex to the origin because of:
answer
the assumption of a diminishing marginal rate of substitution.
question
Graph with straight lines of demand , from 1 to 1 , 2 to 2 etcc
answer
The consumer regardes these two as perfect substitutes
question
Envision a graph with meat on the horizontal axis and vegetables on the vertical axis. A strict vegetarian would have indifference curves that are:
answer
horizontal lines.
question
If prices and income in a two-good society double, what will happen to the budget line?
answer
there will be no effect on the budget line.
question
A consumer has $100 per day to spend on product A, which has a unit price of $7, and product B, which has a unit price of $15. What is the slope of the budget line if good A is on the horizontal axis and good B is on the vertical axis?
answer
-7/15
question
Elaine views hot dogs and hot dog buns as perfect complements in her consumption, and the corners of her indifference curves follow the 45-degree line. Suppose the price of hot dogs is $5 per package (8 hot dogs), the price of buns is $3 per package (8 hot dog buns), and Elaine's budget is $48 per month. What is her optimal choice under this scenario?
answer
6 packages of hot dogs and 6 packages of buns
question
Satisfaction from consumption is maximized when
answer
marginal benefit equals marginal cost.
question
Bellatrix consumes only goods A and B. Suppose that her marginal utility from consuming good A is equal to 1/Qa, and her marginal utility from consuming good B is 1/Qb. If the price of A is $0.50, the price of B is $4.00, and the Bellatrix's income is $120.00, how much of good A will she purchase?
answer
120
question
Jules currently uses his entire budget to purchase 5 cans of Sprite and 3 hamburgers per week. The price of Sprite is $1 per can, the price of a hamburger is $2, Jules's marginal utility from Sprite is 4, and his marginal utility from hamburgers is 6. Jules could increase his utility by:
answer
increasing Sprite consumption and reducing hamburger consumption.
question
Suppose your utility function for food (F) and clothing (C) is u(F,C) = F + 4C. If you reduce your clothing consumption by 2 units, how much do you have to increase your food consumption in order to maintain the same utility level?
answer
8 units
question
Which of the following claims is true at each point along a price-consumption curve?
answer
Utility is maximized, and all income is spent.
question
After a good falls in price, consumers will tend to buy more of the good that has become cheaper
and less of those goods that are now relatively more expensive. This fact is called
and less of those goods that are now relatively more expensive. This fact is called
answer
The substitution effect
question
A change in consumption of a good resulting from an increase in purchasing power, with relative prices held constant, is referred to as:
answer
the income effect
question
Recent research estimates that the short-run price elasticity of demand for gasoline in the U.S. is -0.3, and the long-run price elasticity of demand is -1.4. What happens if the government increases the federal gasoline tax?
answer
Consumer expenditures on gasoline increase over the short run and decline over the long run.
question
When would it be plausible to describe the demand for a product by drawing a straight line, Q= a - bP
answer
Only if no important factors other than price affect demand
question
If your income elasticity of demand for going to the movie theater is 1.5, then
answer
a 1% increase in income will lead to a 1.5% increase in seeing movies at the theater. Your demand for movies is elastic with respect to income.
question
Assume that beer is a normal good. If the price of beer rises, then the substitution effect results in the person buying ________ of the good and the income effect results in the person buying ________ of the good.
answer
less, less
question
If the price of Apple's iPhone generates a cross-price elasticity for Samsung's Galaxy of 0.7 then these two products are
answer
substitutes
question
If the price of iPhone's generates a cross-price elasticity for Apple Watches of -0.6 then these two products are
answer
complements
question
A function that indicates the maximum output per unit of time that a firm can produce, for every combination of inputs with a given technology, is called:
You Answered
You Answered
answer
a production function
question
The short run is:
answer
the time period in which at least one input is fixed
question
According to the law of diminishing returns:
answer
the marginal product of an input will eventually decline
question
Which of the following inputs are variable in the long run?
answer
plant size
labor
capital and equipment
labor
capital and equipment
question
The law of diminishing returns refers to diminishing:
answer
marginal returns
question
The marginal product of an input is:
answer
the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
question
What describes the graphical relationship between average product and marginal product?
answer
Marginal product cuts average product from above, at the maximum point of average product.
question
You operate a car detailing business with a fixed amount of machinery (capital), but you have recently altered the number of workers that you employ per hour. Three employees can generate an average product of 4 cars per person in each hour, and five employees can generate an average product of 3 cars per person in each hour. What is the marginal product of labor as you increase the labor from three to five employees?
answer
MP = 1.5 cars
question
Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor). What is the average product of labor?
Correct Answer
Correct Answer
answer
AP = 5K
question
An isoquant:
answer
is a curve that shows all the combinations of inputs that yield the same total output.
question
If capital is measured on the vertical axis and labor is measured on the horizontal axis, the slope of an isoquant can be interpreted as the:
answer
rate at which the firm can replace capital with labor without changing the output rate.
question
The marginal rate of technical substitution is equal to the:
answer
ratio of the marginal products of the inputs.
question
A construction company builds roads with machinery (capital, K) and labor (L). If we plot the isoquants for the production function so that labor is on the horizontal axis, then a point on the isoquant with a small MRTS (in absolute value) is associated with high ________ use and low ________ use.
answer
labor, capital
question
Use the following statements to answer this question.
I. The numerical labels attached to indifference curves are meaningful only in an ordinal way.
II. The numerical labels attached to isoquants are meaningful only in an ordinal way.
I. The numerical labels attached to indifference curves are meaningful only in an ordinal way.
II. The numerical labels attached to isoquants are meaningful only in an ordinal way.
answer
I is true, and II is false.
question
Consider a firm facing MRTS = K/(4L) with capital (K) on the vertical axis of the isoquant map. Suppose L=100 hours and K=400 machine hours at the current level of output. How much additional labor is required to maintain output if we reduce capital by one machine hour?
answer
one hour
question
A farmer uses M units of machinery and L hours of labor to produce C tons of corn, with the following production function C=L^0.5 M^0.75. This production function exhibits:
answer
increasing returns to scale for all output levels.
question
Which of the following production functions exhibits constant returns to scale?
answer
q = K + L
question
Does it make sense to consider the returns to scale of a production function in the short run?
answer
No, we cannot change all of the production inputs in the short run.
question
A firm's total cost function is given by:
TC = 4000 + 5Q + 10Q2
Find:
TFC
AVC
TVC
AVC
ATC
MC
TC = 4000 + 5Q + 10Q2
Find:
TFC
AVC
TVC
AVC
ATC
MC
answer
TFC = 4000
AVC = 4000/ Q
TVC = 5Q+10Q^2
AVC = 5 + 10Q
ATC= 4000/ Q + 5 + 10Q
MC= 5 + 20Q
AVC = 4000/ Q
TVC = 5Q+10Q^2
AVC = 5 + 10Q
ATC= 4000/ Q + 5 + 10Q
MC= 5 + 20Q
question
Farmer Jones bought his farm for $75,000 in 1975. Today the farm is worth $500,000, and the interest rate is 10 percent. ABC Corporation has offered to buy the farm today for $500,000 and XYZ Corporation has offered to buy the farm for $530,000 one year from now. Farmer Jones could earn net profit of $15,000 (over and above all of his expenses) if he farms the land this year. What should he do?
answer
Sell to ABC Corporation.
question
Constantine purchased 100 shares of IBM stock several years ago for $150 per share. The price of these shares has fallen to $55 per share. Constantine's investment strategy is "buy low, sell high." Therefore, he will not sell his IBM stock until the price rises above $150 per share. If he sells at a price lower than $150 per share he will have "bought high and sold low." Constantine's decision:
answer
is incorrect because the original price paid for the shares is a sunk cost and should have no bearing on whether the shares should be held or sold
question
Assume that a firm spends $500 on two inputs, labor (graphed on the horizontal axis) and capital (graphed on the vertical axis). If the wage rate is $20 per hour and the rental cost of capital is $25 per hour, the slope of the isocost curve will be:
answer
-4/5
question
Which of the following is NOT an expression for the cost minimizing combination of inputs?
answer
MRTS = MPl /MPk
question
With its current levels of input use, a firm's MRTS is 3 (when capital is on the vertical axis and labor is on the horizontal axis). This implies:
answer
the marginal product of labor is 3 times the marginal product of capital.
question
a firm employs 100 workers at a wage rate of $10 per hour, and 50 units of capital at a rate of $21 per hour. The marginal product of labor is 3, and the marginal product of capital is 5. The firm:
answer
could reduce the cost of producing its current output level by employing more labor and less capital.
question
In the long run, which of the following is considered a variable cost?
answer
all of the above
question
An isocost line reveals the
answer
input combinations that can be purchased for a given total cost.
question
Bubba Burgers has discovered there are economies of scope available to the restaurant. Which is most likely to be a response to this discovery?
answer
Bubba adds grilled chicken sandwiches to the menu.
question
Use the production function: Q = 4L^1/2 K^1/2.
Refer to Scenario 7.3. Suppose that your firm decides to double its output to 400. To achieve this level of output the firm will have to:
Refer to Scenario 7.3. Suppose that your firm decides to double its output to 400. To achieve this level of output the firm will have to:
answer
Exactly double its inputs
question
Consider the following statements when answering this question:
I. Whenever a firm's average variable costs are falling as output rises, marginal costs must be falling too.
II. Whenever a firm's average total costs are rising as output rises, average variable costs must be rising too
I. Whenever a firm's average variable costs are falling as output rises, marginal costs must be falling too.
II. Whenever a firm's average total costs are rising as output rises, average variable costs must be rising too
answer
I is false, and II is true.
question
When an isocost line is just tangent to an isoquant, we know that:
answer
output is being produced at minimum cost.
question
Suppose our firm produces chartered business flights with capital (planes) and labor (pilots) in fixed proportion (i.e., one pilot for each plane). If the wage rate paid to the pilots increases relative to the rental rate of capital for the airplanes, then:
answer
the optimal capital-labor ratio remains the same.
question
Acme Container Corporation produces egg cartons that are sold to egg distributors. Acme has estimated this production function for its egg carton division:
Q = 25L^0.6 K^0.4,
where Q = output measured in one thousand carton lots, L = labor measured in person hours, and K = capital measured in machine hours. Acme currently pays a wage of $10 per hour and considers the relevant rental price for capital to be $25 per hour. Determine the optimal capital-labor ratio that Acme should use in the egg carton division.
Q = 25L^0.6 K^0.4,
where Q = output measured in one thousand carton lots, L = labor measured in person hours, and K = capital measured in machine hours. Acme currently pays a wage of $10 per hour and considers the relevant rental price for capital to be $25 per hour. Determine the optimal capital-labor ratio that Acme should use in the egg carton division.
answer
4/15
question
An effluent fee is imposed on a steel firm to reduce the amount of waste materials that it dumps in a river. Use the following two statements to answer this question:
I. The more easily factors of production can be substituted for one another (for example, capital can be used to reduce waste water), the more effective the fee will be in reducing effluent.
II. The greater the degree of substitution of capital for waste water, the less the firm will have to pay in effluent fees.
I. The more easily factors of production can be substituted for one another (for example, capital can be used to reduce waste water), the more effective the fee will be in reducing effluent.
II. The greater the degree of substitution of capital for waste water, the less the firm will have to pay in effluent fees.
answer
Both are true
question
Use the following statements to answer this question:
I. Markets that have only a few sellers cannot be highly competitive.
II. Markets with many sellers are always perfectly competitive.
I. Markets that have only a few sellers cannot be highly competitive.
II. Markets with many sellers are always perfectly competitive.
answer
I and II are false.
question
If any of the assumptions of perfect competition are violated,
answer
there may still be enough competition in the industry to make the model of perfect competition usable.
question
At the profit-maximizing level of output, marginal profit
answer
is zero.
question
A firm maximizes profit by operating at the level of output where:
answer
MR = MC
question
Firms often use patent rights as a:
answer
barrier to entry
question
If current output is less than the profit-maximizing output, then the next unit produced
answer
will increase revenue more than it increases cost.
question
Rihanna's Diner, a perfectly competitive eatery, sells its "Breakfast Special" (the only item on the menu) for $5.00. The costs of waiters, cooks, power, food etc. average out to $3.95 per meal; the costs of the lease, insurance and other such expenses average out to $1.25 per meal. Rihanna should:
answer
continue producing in the short run, but plan to go out of business in the long run.
question
A firm never operates:
answer
on the downward-sloping portion of its AVC curve.
question
suppose a plant manager ignores some implicit marginal costs of production so that the perceived MC curve is below the actual MC curve. What is the likely outcome from this error?
answer
Firm produces more than optimal quantity and earns lower profits.
question
Cicero's Pizza House is a profit maximizing firm in a perfectly competitive local restaurant market, and their optimal output is 80 pizzas per day. The local government imposes a new tax of $250 per year on all restaurants that operate in the city. How does this affect Cicero's profit maximizing decisions in the long run?
answer
Cicero's decision depends on the circumstances—if their profits are larger than $250 per year, then the tax does not impact output; otherwise, the restaurant will shut down.
question
Eva's Taqueria operates in a perfectly competitive local taco market. If the price of taco cheese increases (ceteris paribus), what is the expected impact on Eva's profit-maximizing output decision?
answer
Output decreases because the marginal cost curve shifts upward.
question
Consider the following statements when answering this question:
I. Increases in the demand for a good, which is produced by a competitive industry, will raise the short-run market price.
II. Increases in the demand for a good, which is produced by a competitive industry, will raise the long-run market price.
I. Increases in the demand for a good, which is produced by a competitive industry, will raise the short-run market price.
II. Increases in the demand for a good, which is produced by a competitive industry, will raise the long-run market price.
answer
1 is true 2 is false
question
In a constant-cost industry, an increase in demand will be followed by:
answer
an increase in supply that will bring price down to the level it was before the demand shift.
question
Consumer surplus measures:
answer
the benefit that consumers receive from a good or service beyond what they pay.
question
An effective price ceiling causes a loss of:
answer
producer surplus for certain and possibly consumer surplus as well.
question
Price ceilings do what to consumer surplus?
answer
may decrease consumer surplus if demand is sufficiently inelastic.
question
Consider the following statements when answering this question:
I. When a competitive industry's supply curve is perfectly elastic, then the sole beneficiaries of a reduction in input prices are consumers.
II. Even in competitive markets firms have no incentives to control costs, as they can always pass on cost increases to consumers.
I. When a competitive industry's supply curve is perfectly elastic, then the sole beneficiaries of a reduction in input prices are consumers.
II. Even in competitive markets firms have no incentives to control costs, as they can always pass on cost increases to consumers.
answer
I is true, and II is false.
question
When the market price is held above the competitive level, the deadweight loss is composed of:
answer
producer and consumer surplus losses associated with units that used to be traded on the market but are no longer exchanged.
question
Import tariffs generally result in:
answer
less consumer surplus.
higher domestic prices.
a deadweight loss.
more producer surplus for domestic producers
higher domestic prices.
a deadweight loss.
more producer surplus for domestic producers
question
When the government imposes a specific tax per unit on a product, changes in consumer surplus are ________ and changes in producer surplus are ________.
answer
negative, negative
question
The burden of a tax per unit of output will fall heavily on consumers when demand is relatively ________ and supply is relatively ________.
answer
inelastic; elastic
question
Why is there a deadweight loss associated with subsidy payments?
answer
Quantity supplied exceeds the equilibrium amount, and consumer willingness to pay for these additional units is smaller than the marginal cost of producing them.
question
The market demand and supply functions for alcohol at Major League Baseball games are:
QD = 10 - 0.04P
QS = 3.8P - 2
Suppose that there is a proposal to increase the tax on alcohol sold at MLB games. What percentage of the burden of the tax will fall on producers?
QD = 10 - 0.04P
QS = 3.8P - 2
Suppose that there is a proposal to increase the tax on alcohol sold at MLB games. What percentage of the burden of the tax will fall on producers?
answer
1
question
Where Es is the elasticity of supply and Ed is the own price elasticity of demand, the fraction of the tax passed on to consumers in the form of higher prices is:
answer
Es/(Es-Ed).
question
Politicians have reintroduced a tax on yachts to help pay for government programs. Which of the following is true?
answer
The sales of yachts will decrease.
question
Which of the following is not an advantage of the Earned Income Tax Credit (EITC) over a minimum wage?
answer
Benefits arrive once a year
question
Consider the following statements when answering this question:
I. Employers are always hurt by minimum wage laws.
II. Workers always benefit from minimum wage laws.
I. Employers are always hurt by minimum wage laws.
II. Workers always benefit from minimum wage laws.
answer
I is true, and II is false.
question
Use the following two statements to answer this question:
I. For a monopolist, at every output level, average revenue is equal to price.
II. For a monopolist, at every output level, marginal revenue is equal to price.
I. For a monopolist, at every output level, average revenue is equal to price.
II. For a monopolist, at every output level, marginal revenue is equal to price.
answer
I is true, and II is false.
question
Which of the following is NOT true for monopoly?
answer
At the profit maximizing output, price equals marginal cost.
question
A monopolist has determined that at the current level of output the price elasticity of demand is -0.15. Which of the following statements is true?
answer
The firm should cut output
question
A monopolist has set her level of output to maximize profit. The firm's marginal revenue is $20, and the price elasticity of demand is -2.0. The firm's profit maximizing price is approximately:
answer
40
question
At the profit-maximizing level of output, demand is:
answer
elastic, but not infinitely elastic.
question
The ________ elastic a firm's demand curve, the greater its ________.
answer
less; monopoly power
question
Zinc Communications developed a new type of cellular telephone that has a three-dimensional (3-D) screen. The company holds a patent on this technology, so they are the only seller of the 3-D phone when it is introduced. Over time, other companies introduce phones that are similar but not identical (i.e., they do not violate the patent held by Zinc). What happens to the demand for 3-D phones facing Zinc and to the profit-maximizing price for the 3-D phone as these similar products enter the market?
answer
Demand becomes more elastic, price declines.
question
If a monopolist's profits were taxed away and redistributed to its consumers,
answer
inefficiency would remain because output would be lower than under competitive conditions
question
Which of the following statements about natural monopolies is true?
answer
For natural monopolies, marginal cost is always below average cost.
question
There were initially two satellite radio providers in the U.S. market, Sirius and XM Radio. The firms merged to form one firm, and the federal government did not challenge the merger. Although the merger created a single seller in this market, the existence of a monopoly may not have much impact on U.S. consumers. Which of the following statements are plausible reasons for the limited impact of the merger?
answer
There are very large fixed costs in providing satellite radio, and the industry may be a natural monopoly. One seller may be able to operate at lower cost than two sellers.
Although there will only be one seller of satellite radio, there are other forms of radio broadcasts available to U.S. consumers and demand for satellite radio may be relatively elastic.
The merged firm will operate at higher capacity and may be able to reduce costs through economies of scale and perhaps learning-by-doing, which will benefit U.S. consumers.
All
Although there will only be one seller of satellite radio, there are other forms of radio broadcasts available to U.S. consumers and demand for satellite radio may be relatively elastic.
The merged firm will operate at higher capacity and may be able to reduce costs through economies of scale and perhaps learning-by-doing, which will benefit U.S. consumers.
All
question
Blu-Rays can be produced at a constant marginal cost of $5 per disk, and Superhero Studios is releasing the Blu-Rays for its last two major films. The Blu-Ray for Obscure-Man is priced at $20 per disk, and the Blu-Ray for Team-Up Flick 17: The Final Chapter, Part 1 is priced at $30 per disk. What are the price elasticities of demand for these two movies?
answer
-1.33 and -1.2, respectively
question
Maui Macadamia Inc. has a monopoly in the macadamia nut industry. The demand curve, marginal revenue and marginal cost curve for macadamia nuts are given as follows:
P = 360 - 4Q
MR = 360 - 8Q
MC = 4Q
What is the maximum amount that Maui Macadamia would be willing to spend in order to maintain its monopoly through rent seeking?
P = 360 - 4Q
MR = 360 - 8Q
MC = 4Q
What is the maximum amount that Maui Macadamia would be willing to spend in order to maintain its monopoly through rent seeking?
answer
5400
question
Under perfect price discrimination, consumer surplus:
answer
equals 0
question
Your local grocery store offers a coupon that reduces the price of milk during the coming week. The regular retail price of milk in the store is $3.00 per gallon, and the coupon price is $2.00 per gallon for the next week. If the store maximizes profits and the price elasticity of demand for milk is -2 for coupon users, what is the price elasticity of demand for non-users?
answer
-1.5
question
Loud music from a neighbor's party is what kind of externality ?
answer
a positive externality if you like the music, and a negative externality if you don't.
question
Given that MEC(q) = 2q2, what can be inferred about the total cost of pollution as output increases? (Choose the best answer)
answer
The total cost of pollution is growing at an increasing rate.
question
When new technologies make cleaner production possible,
answer
the price of transferable permits falls.
question
A plastics factory emits water pollutants into a nearby river. The marginal private cost of producing plastics is constant, the marginal external cost of the pollutants increases with the quantity of plastics, and the demand for plastics is downward sloping. What happens to the socially optimal level of output and market price if the marginal external cost curve shifts upward?
answer
Optimal price increases, optimal quantity decreases.
question
When firms participate in group health insurance for all employees, it:
answer
may lower rates for all people to the extent that it keeps healthy people in the pool.
question
The problem of adverse selection in insurance results in a situation in which:
answer
unhealthy people become more likely to buy insurance than healthy people, which drives premiums up, which drives even more healthy people away from the market.
question
Suppose the private marginal cost of pumping water from an aquifer remains constant as the quantity of water pumped increases, and the marginal social cost is upward sloping. If the demand for water shifts to the right as population increases, then the amount of water pumped based only on private costs ________ and the social cost of the common property resource ________.
answer
increases; increases
question
It is the factory's choice whether to install a filter. It is the choice of the nearby fishermen whether to install a treatment plant. Dollar figures show profit. The factory and the fishermen can negotiate costlessly, and no one else is affected by the result.
Factory Fisherman
No filter or treatment plant $10,000 $2,000
Filter; no treatment plant $6,000 $10,000
No filter; treatment plant $10,000 $4,000
Filter; treatment plant $6,000 $6,000
Factory Fisherman
No filter or treatment plant $10,000 $2,000
Filter; no treatment plant $6,000 $10,000
No filter; treatment plant $10,000 $4,000
Filter; treatment plant $6,000 $6,000
answer
the efficient outcome will occur no matter who is given which property right, but how that maximum gain is split will be determined during bargaining.
question
Traditionally, the federal government provides disaster relief funds to flood victims so that they can rebuild their homes after a major flood. However, the government has recently denied requests to rebuild some homes that were situated in flood-prone areas. This action represents an attempt to ________ the moral hazard problem associated with building private homes in risky areas.
answer
mitigate
question
Julia is a 28-year-old nonsmoking, non-drinking female of normal weight. Because of adverse selection in health insurance,
answer
she is less likely to buy health insurance than the average person, because policy premiums are based on expected medical expenditures of people who are less healthy than she is.
question
The presence of pollution in the dry cleaning industry leads in the long run to dynamic inefficiencies because:
answer
firms whose average private cost is less than price will stay in (or enter) the dry cleaning industry even though their average social cost exceeds price.
question
When there are externalities, economic efficiency can be achieved without government intervention
answer
when the externality affects only a few parties and property rights are well defined.
question
Which of the following is NOT a public good?
answer
Books in a public library
question
Suppose your neighbor likes to repair motorcycles in his front yard during evenings and on weekends, and he earns $400 per week from this work. However, the sight of piles of greasy motorcycle parts and the additional noise and traffic caused by his customers reduces your value of living in this neighborhood by $300 per week. If you have a right to live in peace and quiet, how can you achieve the efficient outcome?
answer
He pays you some value between $300 and $400 to allow his home business.
question
The provision of an education in public school is:
answer
exclusive and rival.
question
A carbon tax is one policy proposal for addressing numerous health and environmental externalities. Which is not true?
answer
If the carbon tax is set too low it could lead to increased environmental damage.
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