A congestible public good is such that
A. both rivalry and exclusivity hold.
B. exclusivity holds, but rivalry does not.
C. neither rivalry nor exclusivity hold.
D. rivalry holds, but exclusivity does not.
Answer: D
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Refer to the above figures. Which of the panels would be consistent with the situation in which external benefits exist?
A) Panel 1 B) Panel 2 C) Panels 1 and 2 D) neither panel
Tom was out shopping for a sweater and learned that they will all go on sale tomorrow. We would expect Tom's demand for sweaters today to:
A. increase. B. shift to the left. C. move down along his demand curve. D. shift to the right.
A production possibilities curve determines the price at which goods trade
Indicate whether the statement is true or false
A supply restriction that restricts the amount of a good that can be imported is a(n)
A) white market. B) tariff. C) black market. D) import quota.