A public good is a good that:
A. is consumed by a single person or household.
B. cannot be used by private citizens.
C. is available for everyone to consume, regardless of who pays.
D. is provided by the government.
Answer: C
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When personal computers became popular, several new firms entered the competition. What effect did this have on supply?
A. Increase in the quantity supplied B. Decrease in the quantity supplied C. Shift of the supply curve to the left D. Shift of the supply curve to the right
If the quantity of Good Y is measured on the vertical axis, the quantity of Good X is measured on horizontal axis, the price of Good X is $50, the price of Good Y is $20, and the budget is $500, the vertical intercept of the budget line is
A. 25, the horizontal intercept is 10, and the slope is -0.4. B. 20, the horizontal intercept is 50, and the slope is -0.4. C. 10, the horizontal intercept is 25, and the slope is -2.5. D. 50, the horizontal intercept is 20, and the slope is -2.5.
Suppose market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. The equilibrium quantity is:
A. 45. B. 62. C. 81. D. 92.
In a cartel, participating members can cheat by
A) letting more entrants join the cartel. B) leaving the industry. C) producing a lower production level than the cartel quota. D) charging a slightly lower price and raising production.