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Vesna [10]
2 years ago
6

It has been demonstrated that a competitive market economy allocates resources efficiently. Specifically, in a competitive equil

ibrium, all opportunities for additional gain have been exhausted so that no individual can be made better off without making another individual worse off. Economists often argue that economic efficiency can be improved if prices that are set by non-market forces are set so that higher prices are charged for relatively overutilized resources.
Which of the following is an example of how a price system can be manipulated to promote efficiency?
A) Price supports can be used to make sure domestic sugar producers stay in business.
B) The price for admission to a national park can be increased during peak times to limit overuse of the park.
C) Rent control can be used to ensure affordable housing in cases when the market price is too high.
D) United Airlines can charge one price for a flight to and from anywhere in the United States, regardless of the actual cost.
Business
1 answer:
Alex Ar [27]2 years ago
7 0

Answer: B) The price for admission to a national park can be increased during peak times to limit overuse of the park.

Explanation:

In line with the rules of Supply and Demand, if a resource is in high demand, there should be a higher price associated with it to reflect its relative scarcity in relation to demand. If a resource is being overutilized (in demand) therefore, it would make sense that it gets a higher price.

This is the case with the national park during peak times. At this time there are quite a lot of people in it and this means that it is being overused. In such times, the entrance fee should increase to reflect that the demand is quite high and to limit the overuse of the park.

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Since we have indefinite period of time and expected net cash inflow of 107,000$ after first year, where it is expected to grow annually at 3%, we can use following formula:

P V = F V / i-g, where g is annual growth rate of future cash inflow. Therefore, we will have P V = 1,188,888. In order to calculate N P V we need to calculate the difference between P V and initial investments. Finally, we get -411,111.11

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American Politics in Comparative Perspective: American have the believe that their democracy is the best in terms of uniqueness and authenticity than other countries of the world. with this they feel they have put a tremendous amount of work for their democracy to be the best in the world. The people of America thinks in regarding the areas of political institution, culture, interest group, political parties it is unique.

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