An example of a good that is rival in consumption is:
A. tap water.
B. a sweater.
C. bottled water.
D. All of these goods are rival in consumption.
Answer: D
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Which of the following is not generally considered a market failure?
a) public goods b) missing markets c) the undesirable distribution of income d) monopoly e) allocation of resources based on price
In the early 1900s, which of the following was not true?
A. Government intervention was commonly used to stimulate the economy. B. Falling price levels appeared to limit an increase in unemployment. C. Periods of high unemployment tended to be brief. D. Say's Law seemed to work.
Total revenue divided by quantity is
A. average revenue. B. marginal revenue. C. price revenue. D. quantity revenue.
The long-run supply curve in a competitive market is upward-sloping
Indicate whether the statement is true or false