In drilling a new oil well in an existing oil field, the fact that output on existing wells is reduced means that
a. existing wells have negatively sloped marginal cost curves.
b. existing wells and new wells are owned by different people.
c. existing wells and new wells are owned by the same people.
d. there is a discrepancy between private and social marginal costs.
Question 2
In perfect competition, environmental externalities need not distort the allocation of resources providing
a. transactions costs are zero.
b. average costs are constant for all output levels.
c. firms install pollution control equipment.
d. the government sets realistic pollution standards.
Preparation of sterile field 2
Use of compass in the field at Sangiran, Java.
When the exhaust is rich, the output of a zirconia oxygen sensor is above 450 mV.
Scientists do research in the laboratory and in the field
Find the factor demand for labour and the amount of output it will produce. Show all ...