One characteristic of a public good is that it
A) is available for consumption by only a few individuals at any particular time.
B) always eliminates the free-rider problem.
C) can be consumed simultaneously by many individuals.
D) can be easily subdivided into small units.
Answer: C
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Grocery store chains advertise more than convenience stores because:
A) the advertising elasticity of demand is smaller for grocery store chains than for convenience stores. B) convenience stores have more elastic demand for their products than grocery store chains. C) the advertising elasticity of demand for convenience stores is near zero and is much smaller than for grocery store chains. D) all of the above E) none of the above
Fixed costs plus variable costs:
a. increasing marginal returns b. total cost c. marginal revenue d. marginal product of labor e. marginal cost
Which of the following would tend to decrease velocity?
A. An increase in interest rates B. More frequent paychecks C. Expected decreases in inflation D. More efficient payment systems
The individual quantity demanded is the amount that the buyer is allowed to purchase at a given price.
Answer the following statement true (T) or false (F)