Traffic lights would be considered:
A. a common resource.
B. a private good.
C. a public good.
D. an artificially scarce good.
C. a public good.
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Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes
And second, there is a reduction in supply due to cattle farmers selling their land to real estate developers. We know with certainty that these two simultaneous events will cause which of the following? A) no change in the equilibrium quantity and a reduction in the equilibrium price B) an increase in the equilibrium quantity and in the equilibrium price C) a decrease in the equilibrium quantity and an indeterminate change in the equilibrium price D) a decrease in the equilibrium quantity and an increase in the equilibrium price
Human capital refers to the physical tools and equipment that workers use on their jobs to enhance their productivity
a. True b. False Indicate whether the statement is true or false
When Freddy read that the economy was growing and the production possibilities curve was shifting outward, he was excited. He thought everyone could have anything they wanted. Briefly explain why Freddy was wrong.
What will be an ideal response?
When creating demand curves for a good where one group gets the good for free and another group must pay the market price, we must
A. add the amount that the first group wants when its free to them to the quantity demanded for the second at each price. B. add the quantity demanded for each group at each price. C. take an average of the quantity demanded at each price. D. add the price paid at each quantity.