If Price-Taking Firms Are Required to Install Wet Scrubbers on Their

question 57

Multiple Choice

If price-taking firms are required to install wet scrubbers on their chimneys to meet EPA regulations and their costs increase as a result, we would expect

• A)demand for the product to fall
• B)the market supply curve to shift to the left
• C)the long-run economic profit of individual firms in the industry to fall
• D)the short-run economic profit of individual firms in the industry to remain unchanged
• E)short-run profits to rise as the industry raises price more than the cost of pollution

Understand the relationship between attitude components (cognitive, affective, conative) and prejudice.

Differentiate between various forms of racism and their manifestations in society.

Identify gender biases and their consequences in professional and social contexts.

Recognize the role of societal norms in legitimizing prejudices over time.

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Definitions:

Prices

The cost of acquiring a product or service, influenced by elements like market supply and consumer demand.

Opportunity Costs

Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Gain From Trade

The benefit or advantage resulting from the exchange of goods or services between parties.

International Trade

The movement of goods and services across the demarcations of international borders or territories.