The diamond-water paradox illustrates the idea that ________ determines what consumers are willing to pay for a particular good.
A. the substitution effect
B. marginal utility
C. the real-income effect
D. total utility
Answer: B
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Private goods are ________
A) excludable but non-rival in consumption B) non-excludable and non-rival in consumption C) non-excludable but rival in consumption D) excludable and rival in consumption
The average revenue curve can also be described as the demand curve.
Answer the following statement true (T) or false (F)
The traditional industrial policy of import substitution:
A. has been successful for those countries that managed to pick the "right" industries. B. has been successful for the great majority of countries. C. is generally unsuccessful in the real world. D. is used by most countries with some degree of success.
Externalities can be produced by ____________, as well as ____________.
A. individuals; firms B. market prices; market incomes C. oceans; streams D. none of these answer options are correct.