In recent years, the world demand curve for copper shifted rightward due to continued economic growth in China and other emerging economies. Also, the costs of extracting the copper increased due to higher energy prices. As a result, we observed:
A) higher equilibrium copper prices and unambiguously lower quantities.
B) higher equilibrium copper prices and unambiguously higher quantities.
C) higher equilibrium copper prices and either higher or lower quantities.
D) lower equilibrium copper prices and either higher or lower quantities.
Question 2
Because trucking as an industry involves the generation of pollutants in engine exhaust,
A) the supply curve of trucking services overstates the true cost of providing those services.
B) the supply curve of trucking services understates the true cost of providing those services.
C) the demand curve for trucking services overstates the true benefit of providing those services.
D) the demand curve for trucking services understates the true benefit of providing those services.
E) the market for trucking services will always be away from equilibrium by an amount equal to the value of the externality.
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