Why is information sometimes considered as a good?
In some ways information is a good like many others. It has value but is costly to obtain. For collecting valuable information individuals need to devote time.
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In the above figure, an increase in aggregate demand has resulted in
A) a decline in the price level. B) economic growth. C) an inflationary gap. D) a recessionary gap.
If the government legalizes the purchase and sale of marijuana, the equilibrium quantity would then _________ and the price would then ________ if the supply of marijuana increased by _______ than the demand for marijuana increased
A) fall; fall; more B) fall; rise; more C) rise; fall; more D) rise; fall; less E) fall; fall; less
Refer to the above table. Assume the consumer spends his entire income. The price of a hotdog is $1, the price of a movie is $6, and the consumer has $15. What is the consumer's optimum?
A. 0 hotdogs and 2.5 movies B. 3 hotdogs and 2 movies C. 4 hotdogs and 4 movies D. 2 hotdogs and 2 movies
Economists define a market to be competitive when the firms
A) spend large amounts of money on advertising to lure customers away from the competition. B) watch each other's behavior closely. C) are price takers. D) All of the above.