For ________ goods, market demand is the horizontal summation of individual demand curves and for ________ goods, market demand is the vertical summation of individual demand curves.
A. public; private
B. nonexcludable; excludable
C. private; public
D. nonrival; rival
Answer: C
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An increase in aggregate demand is most likely to result in
a. inflation. b. recession. c. economic stagnation. d. a decrease in real GDP.
Fixing the financial system after the Great Recession meant:
a. Finding a way to make the banking and general financial systems solvent, and solving the nation's illiquidity problems. b. Finding private (domestic and foreign) private buyers for U.S. subprime loans. c.Changing banking rules so there was more financial competition. d. Opening long-term financing sources, which would allow banks, companies, and the U.S. government to fund their long-term needs, such as new branches, plants, and infrastructure (e.g., bridges and dams) needs.
Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm earns an accounting profit of:
A. $500,000 and an economic profit of $200,000 B. $400,000 and an economic profit of $200,000 C. $300,000 and an economic profit of $400,000 D. $200,000 and an economic profit of $500,000
Scientific methods used to identify environmental health hazards include all of the following EXCEPT
a. case clusters c. problem formulation b. epidemiological studies d. animal bioassays