A public good
A. is available to all and cannot be denied to anyone.
B. is characterized by rivalry and excludability.
C. can be profitably produced by private firms.
D. produces no positive or negative externalities.
Answer: A
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Assume that the market for bread is perfectly competitive. The demand for bread is given by the equation: D = 120 - 10P and the market supply for bread is given by: S = 60 + 5P. Determine the equilibrium price and quantity of bread
What happens if the price of the bread is set at $10 per loaf? What happens if the market price is set at $2 per loaf?
If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5
Indicate whether the statement is true or false
If the equilibrium price of bread is $2 and the government imposes a $1.50 price ceiling on the price of bread, then:
a. more bread will be produced. b. there will be a shortage of bread. c. the demand for bread will decrease. d. producers will charge $0.50 for bread. e. $0.50 in tax revenue will be paid for each unit of bread.
The official poverty income threshold in the United States is:
A. not adjusted for the effects of inflation. B. adjusted for inflation. C. adjusted for increases in standard of living. D. adjusted for changes in the basket of food purchased by the average family.