It is not possible to exclude people from consuming pure public goods
Indicate whether the statement is true or false
T
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The figure above illustrates a linear demand curve. In the price range from $8 to $6, demand is ________ and in the price range $4 to $2, demand is ________
A) elastic; elastic B) elastic; inelastic C) inelastic; elastic D) inelastic; inelastic
The table above shows the marginal benefit from pizza and the marginal cost of pizza in cans of soda forgone. The allocatively efficient quantity of pizza is ________ pizzas per day
A) 70 B) 10 C) more than 70 D) 40
Economists emphasize the importance of equilibrium in markets because
a. trading in markets can only occur at the equilibrium price and quantity b. the behavior of buyers and sellers will automatically guide the market toward the equilibrium price and quantity c. all buyers and sellers are better off at the equilibrium point than any other price and quantity combination d. it represents a compromise between sellers hoping for low prices and buyers searching for high prices e. it is the only price-quantity combination that guarantees that the poorest members of society can purchase the good or service
In a proportional tax system each individual would pay the same percentage of his or her income in taxes
a. True b. False Indicate whether the statement is true or false