After the Implementation of the Congestion Tax in London, Traffic

question 91

Multiple Choice

After the implementation of the congestion tax in London, traffic volume was reduced and travel time for cars and buses was cut in half. This is an example of

• A) responding to incentives.
• B) the role of pricing in allocating resources.
• C) caveat emptor.
• D) comparative advantage.

Evaluate the impact of external factors, such as import bans, on duopolistic markets.

Understand the concept of reaction functions and how they guide firms' production decisions.

Identify the conditions under which firms in a cartel arrangement maximize joint profits.

Understand the basic concepts of Cournot and Bertrand models in oligopoly contexts.

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Definitions:

Derived Characteristic

A trait that is present in an organism but was absent in the last common ancestor of the group to which the organism belongs.

Sessile Animals

Organisms that do not move about and are fixed in one place, such as corals and barnacles; they are often anchored to a solid surface.

Unfavorable Environmental

Conditions within an environment that challenge the survival, growth, or reproduction of organisms.

Locomotion

The ability of an organism to move from one place to another using various bodily mechanisms.