One disadvantage of using the government to provide pure public goods is that everyone receives ________ of the public good and has ________ for the public good.
A. the same amount; a different reservation price
B. a different amount; the same reservation price
C. the same amount; the same reservation price
D. a different amount; a different reservation price
Answer: A
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One role government can play in addressing market failure is to
A) enforce the rules of exchange. B) facilitate decision making for private goods. C) promote imperfect competition. D) increase economic uncertainty.
Monopolistic competition is common in
A. retail selling. B. farming. C. basic manufacturing. D. electric power generation.
An increase in the wage rate will change
A. the amount of labor employed, and it may also change the amount of other inputs employed. B. the price the firm charges for the product, but it will not affect the demand for any of the inputs. C. only the amount of labor hired. D. the firm?s profit-maximizing level output, but not its usage of inputs.
A ________ is rival in consumption and viewers are excludable.
A. solar eclipse B. fireworks show in a local park C. television signal sent by cable D. television signal broadcast through the air