When I benefit from my neighbors cleaning up their yard, I am experiencing a(n):
A. economic pressure.
B. merit good.
C. positive externality.
D. partnership.
Answer: C
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Farmer Ken in Kentucky can raise either 80 pounds of tobacco or 40 bushels of cotton on an acre. Farmer Calvin in California can raise either 150 pounds of tobacco or 50 bushels of cotton on an acre. Which farmer can produce tobacco more efficiently?
a. Farmer Ken in Kentucky. b. Farmer Calvin in California. c. The two farmers are equally efficient at growing wheat. d. More information is needed to determine comparative advantage.
Coca Cola and Pepsi, which together account for about 85 percent of the soft drink market, are best described as being in
A) a monopoly market. B) an oligopolistic market. C) a perfectly competitive market. D) a monopolistically competitive market.
Refer to Table 14-6. What price will Sturdy Homes charge and what profit does Sturdy Homes expect to make?
A) Price = $12,000; expected profit = $3 million B) Price = $8,000; expected profit = $7 million C) Price = $8,000; expected profit = $4 million D) Price = $10,000; expected profit = $5 million
In the kinked demand curve model, if one firm reduces its price
A) other firms will also reduce their price. B) other firms will compete on a non-price basis. C) other firms will raise their price. D) Both A and B are correct. E) Both B and C are correct.