The Coase theorem applies only in the case of _____
a. merit goods
b. common resources
c. inferior goods
d. private goods
b
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Advertising intended to induce a consumer to discover a previously unknown taste or preference is
A) persuasive advertising. B) informational advertising. C) direct advertising. D) mass marketing advertising.
Which of the following is necessary for the presence of competition in a market?
a. Government regulations that assure firms will make excess profits. b. Suppliers that offer a homogeneous product. c. A price that always equals per-unit production costs. d. Low barriers to entry into the market.
What will happen to the equilibrium price and quantity of traditional camera film if traditional cameras become more expensive, digital cameras become cheaper, the cost of the resources needed to manufacture traditional film falls, and more firms decide to manufacture traditional film?
a. Price will fall, and the effect on quantity is ambiguous. b. Price will rise, and the effect on quantity is ambiguous. c. Quantity will fall, and the effect on price is ambiguous. d. Quantity will rise, and the effect on price is ambiguous.
If over a short time there is an increase in the number of people retired and a decrease in the number of people working, then productivity
a. and real GDP per person rise. b. rises but real GDP per person falls. c. falls and real GDP per person rises. d. and real GDP per person fall.