To an economist, the term "needs"
A) refers only to material desires but not nonmaterial desires.
B) is objectively undefinable.
C) identifies the purchases of basic goods and services.
D) refers to the purchase of goods by the poor.
Answer: B
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In the figure above, if the firm is regulated using an average cost pricing rule, the firm
A) avoids an economic loss, but produces less than the efficient quantity and creates a deadweight loss. B) incurs an economic loss, but produces the efficient quantity and creates a deadweight loss. C) avoids an economic loss, is able to produce the efficient quantity, and therefore avoids creating a deadweight loss. D) avoids an economic loss, produces the efficient quantity, and creates a deadweight loss. E) incurs an economic loss, produces the efficient quantity, and avoids creating a deadweight loss.
A private good:
A. is a good for which consumption involves perfect rivalry. B. is nonexcludable. C. is often provided by the government. D. is a good for which consumption involves perfect rivalry and is nonexcludable.
Import quotas on sugar result in lower sugar prices in the United States
a. True b. False
Today's supply curve of dorm rooms on campus is likely to be
a. downward sloping b. relatively flat c. vertical d. horizontal e. price elastic