Albert and Betty hire Christine to play music at their wedding. David, who lives behind the church, cannot study because of the loud music. The third party is:
A. Albert.
B. Betty.
C. Christine.
D. David.
Answer: D
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The average cost for a typical electric-power-production firm is AC = 100 - 10Q + Q2 where Q is measured in billion kilowatt hours per day. At the current regulated price, consumers demand 4 billion kilowatt hours per day
Is this market a natural monopoly? If demand increases to 10 billion kilowatt hours, is this market a natural monopoly? Explain.
Normative economics is
A) analysis involving value judgments about economic policies; or a statement of "what ought to be." B) analysis that is strictly limited to making either purely descriptive statements or scientific predictions. C) analysis of the behavior of the economy as a whole. D) decision making undertaken by households and business firms.
In a perfectly competitive market, which two conditions must be met to achieve long-run equilibrium?
a. Productive efficiency and allocative efficiency b. Allocative efficiency and profit maximization c. Productive efficiency and low average costs d. Zero economic profits and zero accounting profits
Which of the following is a source of government failure but is not typically an example of market failure?
A. Waste. B. Externalities. C. Monopoly. D. Inequity.