When there are significant costs involved with coordinating a private solution to an externality:
A. it likely will not happen.
B. a leader will likely be elected to organize the coordination.
C. it can act as a motivating factor to solve the externality problem expediently.
D. None of these statements is true.
Answer: A
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The cross elasticity of demand between DVDs and DVD players is likely to be
a. zero. b. positive. c. negative. d. undefined.
Use the following graph of the demand for pasta to answer the question below.
Refer to the three demand curves for pasta and assume that pasta is an inferior good. Which of the following would shift the demand for pasta from D1 to D3?
A. an increase in the price of pasta B. a decrease in consumer incomes C. an increase in consumer incomes D. a decrease in the price of pasta
In the above figure, the monopsony wage rate is ________ and the quantity of labor is ________
A) $7.00; 150 hours B) $8.00; 200 hours C) $6.00; 100 hours D) $8.00; 100 hours
A study discussed in the Making the Connection feature in the text found that there is ________ that some consumers are not well aware of prices, even for goods they buy regularly
A) substantial evidence B) no evidence C) little evidence D) no reason to believe