Which is not true of a perfectly competitive market? a. At the long-run equilibrium, economic profit is less than accounting pro
1 answer:
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Answer:
B. Wisconsin gains 200, Illinois gains 300
Explanation:
Assuming that one state cleaning the lake does not interfere with the costs and social benefits of the other state (events are independent), Wisconsin will incur 1,200 in costs and receive 1,100 in benefits from its own cleaning and 300 from Illinois' cleaning. Illinois will incur costs of 900 and receive 600 in benefits from its own cleaning and 400 from Wisconsin's cleaning.
The payoff for each state is:
Therefore, Wisconsin gains 200, Illinois gains 300.
Answer:
Option D.
Explanation:
The demand function for good X is
where, is price of good X,
is price of good Y and M is income.
It is given that the price of good X is $1, the price of good Y is $10, and income is $100.
Substitute ,
and M = 100 in the given function.
None of the statements associated with this question are correct.
Therefore, the correct option is D.