Public choice refers to how
a. much publicity a government-sponsored project receives
b. members of government make choices that promote their own self-interest (to keep their jobs)
c. the public makes choices about what types of goods to buy
d. private decisions often end up becoming public
e. supply and demand curves reflect public opinion
B
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For a monopsony the labor supply curve
A) does not exist. B) is the marginal product of labor curve. C) is the marginal cost of labor curve. D) lies below the marginal cost of labor curve.
Few firms in the United States are monopolies because
A) when a firm earns profits, other firms will enter its market. B) most products that firms produce have substitutes. C) few firms experience economies of scale. D) of antitrust laws.
People with hidden health problems are more likely to buy health insurance than are other people. This is an example of
a. moral hazard and makes the cost of health insurance higher than otherwise. b. moral hazard and makes the cost of health insurance lower than otherwise. c. adverse selection and makes the cost of health insurance higher than otherwise. d. adverse selection and makes the cost of health insurance lower than otherwise.
In the figure above, if no one owns the lake, what is the quantity of pesticide produced?
A) 300 tons per month B) 240 tons per month C) 180 tons per month D) 360 tons per month