100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Econ 402 || A+ Graded Already. CA$15.10   Add to cart
Quickly navigate to
Preview
  2.  
  3. Econ 402
  4.  
  5. Econ 402

Exam (elaborations)

Econ 402 || A+ Graded Already.
 8 views  0 purchase
  • Course
  • Econ 402
  • Institution
  • Econ 402

A perfectly inelastic demand curve is shown as a correct answers vertical line When it comes to pollution, economists believe that the government must correct answers allow firms to pollute as long as they account for the marginal cost of their pollution. If the quantity demanded of soda incr...

[Show more]

Preview 1 out of 4  pages

Document information

  • August 16, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • a perfectly inelastic demand curve is shown as a

Written for

  • Econ 402
  • Econ 402

Seller

avatar-seller
FullyFocus

Reviews received

Content preview

Econ 402 || A+ Graded Already.
A perfectly inelastic demand curve is shown as a correct answers vertical line

When it comes to pollution, economists believe that the government must correct answers allow
firms to pollute as long as they account for the marginal cost of their pollution.

If the quantity demanded of soda increases by 4% when the price of coffee increases by 16%, the
cross-price elasticity of demand between soda and coffee is: correct answers 0.25.

The price elasticity of supply tends to become more elastic in the long run correct answers True

For which of the following goods would the imposition of a tax most likely improve the
efficiency
of the market outcome? correct answers the production of a good with external costs

Which of the following best defines a public good? correct answers A public good is available
for anyone to utilize, regardless on who pays and who doesn't.

An example of a public good is: correct answers national defense.
space exploration.
a lighthouse

If the price elasticity of supply is equal to zero, then supply is perfectly elastic. correct answers
False

Lenny buys less oatmeal for breakfast when his income rises. This means that, for Lenny: correct
answers the income elasticity of demand for oatmeal is negative

The optimum level of pollution abatement is where the marginal benefit of abatement is greater
than the marginal cost. of abatement. correct answers False

Which of the following would be classified as an external cost? correct answers You are not able
to study at night because there is so much noise coming from the dorm room
next to yours.

If demand for a good is elastic and price rises, total revenue will fall. correct answers True

Which of the following would be an example of an external benefit? correct answers More
people start to ride the bus and as a result air pollution is reduced.

Two goods are complements if the: correct answers cross-price elasticity is negative.

What defines a situation where a person consumes a good without having to pay for it? correct
answers the free-rider problem

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$15.10. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

66579 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$15.10
  • (0)
  Add to cart