An example of a free good is
a. public education.
b. CARE packages provided free to poor people overseas.
c. the water bubbling up from the natural spring in your backyard.
d. the ride you give a hitchhiker.
c. the water bubbling up from the natural spring in your backyard.
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To practice third-degree price discrimination, a pure monopoly must ________.
A. permit the resale of the product by the original buyers B. be able to separate buyers into different groups with different price elasticities C. charge one price to all buyers D. be a natural monopoly
Technological change will
A) shift the per-worker production function down. B) move the economy to a point beneath the per-worker production function. C) shift the per-worker production function up. D) move the economy along a given per-worker production function.
Which of the following is NOT a key component of every game?
A) Strategies B) Players C) Payoffs D) Cooperation
The full-employment rate of output can
A) be surpassed in the long run only if input prices are flexible. B) not be surpassed in either the short run or the long run. C) be surpassed only when firms are not yet producing at full capacity. D) be surpassed only in the short run.