The holdout problem occurs when _____
a. unanimity rule is required for any Congressional action
b. free riding is prevalent
c. individuals drafted into the military refuse to report
d. any individual has the power to prevent collective action
d
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Illustrate the cost curves and average revenue (demand) curve for the perfectly competitive firm in long-run equilibrium.
What will be an ideal response?
Jack and Diane each buy pizza and paperback novels. Pizza costs $3 per slice, and paperback novels cost $5 each. Jack has a budget of $30, and Diane has a budget of $15 to spend on pizza and paperback novels. Which consumer(s) can afford to purchase 5 slices of pizza and 5 paperback novels?
a. Jack only b. Diane only c. both Jack and Diane d. neither Jack nor Diane
If a price floor is set above the equilibrium price,
A. quantity demanded will equal quantity supplied. B. there will be a surplus. C. the floor will be ineffective. D. there will be a shortage.
Pareto optimality is the condition in which
A. it is possible to make one person better off without making someone else worse off. B. firms are forced to internalize the effects of all externalities. C. the distribution of income is equal. D. no change is possible that will make some members of society better off without making at least one other member of society worse off.