Wealth creating transactions are more likely to occur
a. With private property rights
b. With contract enforcement
c. Both a and b
d. None of the above
c
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If a good is excludable, ________
A) one person's use of the good reduces the amount of the good available to others B) people can be prevented from using the good C) more than one person cannot use the good at the same time D) several people can use the good simultaneously
U.S. government regulation of social and economic activity
A) only began after World War II. B) costs less now than it did in the 1980s. C) has increased steadily since 1970. D) is confined to antitrust law.
Penetration pricing is:
A. a way to overcome an incumbent's first-mover advantage. B. ineffective in markets with strong networks. C. a way to raise a rival's fixed cost. D. a way to raise a rival's marginal cost.
If government officials are mainly interested in generating tax revenue, then they should tax goods for which demand is price inelastic.
Answer the following statement true (T) or false (F)