From which of the following is it least difficult to exclude free riders?
A) A library book
B) Landscaping on the edges of urban expressways
C) Police protection
D) Fireworks displays
A
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Celebrity endorsements are often used by monopolistically competitive firms to boost the reputation of the product that is being endorsed
a. True b. False Indicate whether the statement is true or false
A horizontal line always has a slope of one
a. True b. False Indicate whether the statement is true or false
Assume that the market clearing price for wireless earbuds is $10, but that the maximum price that can be charged is $9. This is an example of
A. a price control that will lead to a surplus of wireless earbuds on the market. B. a price ceiling that will likely lead to a shortage of wireless earbuds on the market. C. markets failing to ration a fixed quantity of wireless earbuds. D. a price floor that will lead to a shortage of wireless earbuds on the market.
When the aggregate supply curve is vertical, which of the following is not true?
A. Any increase in the price level will not cause an increase in aggregate output. B. The economy is expanding quickly. C. The economy is at capacity. D. The economy is producing the maximum sustainable level of output.