Consensus becomes easier to achieve as the number of firms in a cartel grows
a. True
b. False
B
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A good is nonexcludable if no externalities, either negative or positive, are associated with its production or consumption.
Answer the following statement true (T) or false (F)
Recall this discussion from the text. The supply of 20-year-old French wine has a price elasticity of supply of
a. 1.00 b. -1.0 c. 0 d. infinity e. 20
Consider the labor market for heath care workers. Because of the aging population in the United States, the output price for health care services has increased. Holding all else equal, the equilibrium wage of health care employees would
a. increase. b. decrease. c. not change. d. It is not possible to determine what happens to the equilibrium wage.
Vertical equity in income taxation refers to the notion that persons with different levels of income should be taxed differently.
Answer the following statement true (T) or false (F)