A private good is characterized by excludability and depletability
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is likely to have the highest price elasticity of demand?
A. running shoes B. shoes C. Nike running shoes D. The price elasticity of demand will be the same for all of the answers listed.
A budget line is constructed to show
a. how consumers who budget their expenditures achieve more satisfaction than those who do not. b. the set of all baskets that the consumer can afford, given prices and his or her income. c. the set of all baskets that the consumer would be willing to purchase given various prices for the goods in the basket. d. the set of all baskets that the consumer considers equally desirable.
Which of the following is NOT considered one of the factors of production?
A) land B) labor C) capital D) technology E) entrepreneurship
If an upstream firm and a downstream firm want to establish a contract, all of the following costs can be incurred except which one?
A) search costs B) negotiation costs C) enforcement costs D) monitoring costs