Suppose that whales are threatened with extinction because a large number of people like to eat whale meat. It would be better if the government heavily taxed whale meat, than if it banned whaling.

The minimum wage is a price ceiling.

Assume the following: Demand: P = 50 – Q; Fixed cost = 100; Marginal cost = 10. What is total profit? (Just the number, no dollar sign.)

Ralph opened a small shop selling bags of trail mix. The price of the mix is $5, and the market for trail mix is very competitive. Ralph’s cost curves are shown in the figure.  At what quantity will Ralph produce?  

Assume the following: Demand: P = 50 – Q; Fixed cost = 100; Marginal cost = 10. What is the markup (price minus marginal cost)? (Just the number, no dollar sign.)

If the demand and supply curves are as in the figure:   What would consumer surplus be if the price were set at $10, the quantity supplied were 1,000, and the goods were allocated to the highest-value users? (Just enter the number – do not include dollar sign.)

Assume the following: Demand: P = 50 – Q; Fixed cost = 100; Marginal cost = 10. What is the profit-maximizing price? (Just the number, no dollar sign.)

When external costs are significant, which of the following statements is true at the market equilibrium?

What would be the result if the United States decided to stop enforcing pharmaceutical patents?

The safety you feel from having fire sprinklers in your home is a private benefit