Fill in the blank: Information is a ________ good
A) free
B) scarce
C) futile
D) non-economic
B
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Robert Lucas has popularized the notion that with respect to
A) severity, business cycles are all alike. B) causation, business cycles are all alike. C) quantitative behavior of co-movements among series, business cycles are all alike. D) qualitative behavior of co-movements among series, business cycles are all alike.
Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at $600, but then the college expanded enrollment from 10,000 to 12,000 . Suddenly there is a shortage of rental housing at the prevailing price of $600 . Which of the following is most likely to be true?
a. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and more rental units available on the market. b. The shortage occurred because supply increased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. c. The shortage occurred because demand decreased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. d. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and fewer rental units available on the market.
When an employer has a right to hire anyone, but every nonunion worker hired must join the union within a certain period of time, this is
a. illegal b. a union shop c. a closed shop d. an elastic shop e. a strike
The following question relates to an oligopoly market where the industry demand curve is P = 100 - Q. What will industry output be at equilibrium in this model?
What will be an ideal response?