When there are too few or too many resources going to an economic activity
A) a public good exists.
B) a market failure exists.
C) consumer sovereignty exists.
D) scarcity of resources no longer exists.
Answer: B
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Why do markets tend to underproduce public goods?
Discuss how the concepts of cross-price elasticity of demand and income elasticity of demand can help businesses plan production and pricing.
What will be an ideal response?
BathGroom0675134183222251270
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. As they groom more dogs, the opportunity cost of bathing additional dogs:
A. falls. B. rises. C. remains constant. D. depends on the prices being charged.
Which of the following is not an example of price discrimination?
A. student discounts at museums B. mattress sales on Memorial Day C. rental car companies charging lower prices to local residents than to out-of-state residents D. children's discounts at amusement parks