The primary characteristic of a public good is that it is nonrivalrous in consumption.
Answer the following statement true (T) or false (F)
True
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An efficient distribution of goods requires that
a. everyone gets an equal share of each good. b. marginal cost equal marginal utility for the last unit produced. c. each person derives the same total utility from the good. d. since tastes differ, every person pays a different price in accordance with different marginal utilities.
Elasticity of supply will increase when:
A. it becomes easier to substitute one factor of production for another in a manufacturing process. B. producers are given less time to respond to price changes. C. the number of consumers wanting to purchase a product increases. D. the number of producers selling a product decreases.
If an economy experiences constant opportunity costs with respect to two goods, then the production possibilities curve between the two goods will be?
A. Bowed inward or convex from below. B. Bowed outward until the two goods are equal, and then bowed inward. C. Bowed outward or concave from below. D. A straight, downward-sloping line.
A tariff is
A) a limit placed on the quantity of goods that can be imported into a country. B) a tax imposed by a government on goods imported into a country. C) a subsidy granted to importers of a vital input. D) a health and safety restriction imposed on an imported product.