A good that has the characteristics of nonexclusivity and nonrivalry is a
a. public good
b. merit good
c. social good
d. private good
e. collective good
A
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Under the cartel, the individual firm's quantity is (assuming it obeys its quota) 
Figure 42.2
A. Q1. B. Q2. C. Qa. D. Qb.
Assume there is a shortage in the market for digital music players. Which of the following statements correctly describes this situation?
A) The shortage will cause a decrease in the equilibrium price of digital music players. B) The demand for digital music players is greater than the supply of digital music players. C) Some consumers will be unable to obtain digital music players at the market price and will have an incentive to offer to buy the product at a higher price. D) The price of digital music players will rise in response to the shortage; as the price rises the quantity demanded will increase and the quantity supplied will decrease.
If the CPI is 119 in Year X, then it costs _______ in Year X to buy the same market basket that cost _______ in the base period.
A. $100; $119 B. $119; $100 C. $19; $100 D. $100; $19
Which of the following is TRUE about unions?
A) Unions in some settings are associated with increased productivity. B) Unions in some settings have been effective in promoting general social legislation. C) Both A and B are correct. D) Neither A nor B is correct.