Consider Three Firms, A, B and C, All Producing Kilos

question 7

Multiple Choice

Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly competitive market. The diagrams below show marginal cost curves for each of the three firms. FIGURE 12- 1
-Refer to Figure 12- 1. Suppose each of Firms A, B, and C are producing 500 kilos of potatoes. Is this industry productively efficient?

• A) It is not possible to say whether this industry is productively efficient because we do not know the market price of the product.
• B) No, because marginal costs are not equated for all firms.
• C) Yes, because output is equated for all firms.
• D) No, because the marginal cost curve for each firm has a different slope.
• E) No, because each firm could easily produce more than 500 kilos.

Recognize the role and authority of the U.S. Army Corps of Engineers in managing wetlands.

Grasp the concepts of liability under environmental statutes such as CERCLA.

Interpret the responsibilities of new sources regarding pollution control equipment.

Identify the common law theories applicable to environmental liabilities.

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Definitions:

Socio-historical Context

The mix of social and historical factors at a specific time that affect the environment surrounding an individual or community.

Psychoactive Drug

Any substance that affects the mind, altering mood, perception, or consciousness, including medications and recreational drugs.

Susceptibility

The degree to which a person or organism can be affected by a particular agent or condition.

EEG Recordings

Electrical recordings of brain activity obtained through electrodes placed on the scalp, used in neuroscience research.