Question 1

Two characteristics of a private good are rivalry in consumption and excludability.

Accepted Answer

A) True 
 B)False

Question 2

The demand faced by the perfectly competitive firm is perfectly elastic, meaning that price and marginal revenue are equal.

Accepted Answer

A) True 
 B)False

Question 3

Horizontal summing of individual demands yields

Accepted Answer

A)  the market demand for a private good 
B)  the market supply of a private good 
C)  the market demand for a public good 
D)  the market supply of a public good 
A)  the market demand for a private good 
B)  the market supply of a private good 
C)  the market demand for a public good 
D)  the market supply of a public good

Question 4

Marginal cost is defined as

Accepted Answer

A)  ΔQ/ΔTC 
B)  TC /Q 
C)  ΔTC/ΔQ 
D)  Q/TC 
A)  ΔQ/ΔTC 
B)  TC /Q 
C)  ΔTC/ΔQ 
D)  Q/TC

Question 5

If the demand for recycled plastic is specified as QD = 100 - 2.5P, the slope of demand, as conventionally graphed, is

Accepted Answer

A)  -2.5 
B)  -0.4 
C)  +100 
D)  none of the above 
A)  -2.5 
B)  -0.4 
C)  +100 
D)  none of the above

Question 6

Suppose that in the market for bottled water, the market supply is QS = 14 + 20P and the market demand is QD = 74 - 10P, then equilibrium price is

Accepted Answer

A)  $2 
B)  $54 
C)  $6 
D)  none of the above 
A)  $2 
B)  $54 
C)  $6 
D)  none of the above

Two characteristics of a private good are rivalry in consumption and excludability.

The demand faced by the perfectly competitive firm is perfectly elastic, meaning that price and marginal revenue are equal.

Horizontal summing of individual demands yields

Marginal cost is defined as

If the demand for recycled plastic is specified as Q_D = 100 - 2.5P, the slope of demand, as conventionally graphed, is

Suppose that in the market for bottled water, the market supply is Q_S = 14 + 20P and the market demand is Q_D = 74 - 10P, then equilibrium price is

The Role of Economics in Environmental Management

Modeling Market Failure

Conventional Solutions to Environmental Problems: Command-And-Control Approach

Economic Solutions to Environmental Problems: the Market Approach

Environmental Risk Analysis

Assessing Benefits for Environmental Decision Making

Assessing Costs for Environmental Decision Making

Benefit-Cost Analysis in Environmental Decision Making

Defining Air Quality: the Standard-Setting Process

Improving Air Quality: Controlling Mobile Sources

Improving Air Quality: Controlling Stationary Sources

Global Air Quality: Policies for Ozone Depletion and Climate Change

Defining Water Quality: the Standard-Setting Process

Improving Water Quality: Controlling Point and Nonpoint Sources

Protecting Safe Drinking Water

Managing Hazardous Solid Waste and Waste Sites

Managing Municipal Solid Waste

Controlling Pesticides and Toxic Chemicals

Sustainable Development: International Environmental Agreements and International Trade

Sustainable Approaches: Industrial Ecology and Pollution Prevention

Filters

Exam 2: Modeling the Market Process: a Review of the Basics

Two characteristics of a private good are rivalry in consumption and excludability.

The demand faced by the perfectly competitive firm is perfectly elastic, meaning that price and marginal revenue are equal.

Horizontal summing of individual demands yields

Marginal cost is defined as

If the demand for recycled plastic is specified as QD = 100 - 2.5P, the slope of demand, as conventionally graphed, is

Suppose that in the market for bottled water, the market supply is QS = 14 + 20P and the market demand is QD = 74 - 10P, then equilibrium price is

The Role of Economics in Environmental Management

Modeling Market Failure

Conventional Solutions to Environmental Problems: Command-And-Control Approach

Economic Solutions to Environmental Problems: the Market Approach

Environmental Risk Analysis

Assessing Benefits for Environmental Decision Making

Assessing Costs for Environmental Decision Making

Benefit-Cost Analysis in Environmental Decision Making

Defining Air Quality: the Standard-Setting Process

Improving Air Quality: Controlling Mobile Sources

Improving Air Quality: Controlling Stationary Sources

Global Air Quality: Policies for Ozone Depletion and Climate Change

Defining Water Quality: the Standard-Setting Process

Improving Water Quality: Controlling Point and Nonpoint Sources

Protecting Safe Drinking Water

Managing Hazardous Solid Waste and Waste Sites

Managing Municipal Solid Waste

Controlling Pesticides and Toxic Chemicals

Sustainable Development: International Environmental Agreements and International Trade

Sustainable Approaches: Industrial Ecology and Pollution Prevention

Filters

If the demand for recycled plastic is specified as Q_D = 100 - 2.5P, the slope of demand, as conventionally graphed, is

Suppose that in the market for bottled water, the market supply is Q_S = 14 + 20P and the market demand is Q_D = 74 - 10P, then equilibrium price is