A government-inhibited good is a good which
A) is not subject to the principle of mutual exclusivity.
B) the political process has deemed socially undesirable.
C) can be consumed by one individual without affecting the consumption of another individual.
D) the political process has deemed socially desirable.
Answer: B
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Lizzie's budget line is shown in the figure above. If the price of a cookie falls, the budget line
A) shifts rightward and its slope does not change. B) shifts leftward and its slope does not change. C) becomes flatter. D) becomes steeper.
Profits used by a corporation for investment or unforeseen contingencies are known as retained earnings.
Answer the following statement true (T) or false (F)
"Leaning against the wind" is exemplified by a(n)
a. tax increase when there is a recession. b. increase in the money supply when there is a recession. c. decrease in government expenditures when there is a recession. d. All of the above are correct.
The Moonbeam Corporation produces most of the total output in its industry. The firm unilaterally lowers its price to less than average variable cost until a competitor leaves the market. This example highlights ______.
a. collusive oligopoly b. perfect competition c. predatory pricing d. price discrimination