Fire protection is a
a. club good, because it is excludable but not rival in consumption.
b. club good, because it is rival in consumption but not excludable.
c. a public good, because it is excludable but not rival in consumption.
d. a public good, because it is rival in consumption but not excludable.
a
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Refer to Figure 13-1. Ceteris paribus, a decrease in the price level would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
The assumption(s) made to construct a kinked-demand oligopoly model is (are) that:
a. all firms in the industry will ignore the price changes made by any one firm. b. any price decrease will be ignored, but price increases will be followed. c. all firms will follow a price decrease but will ignore any price increase. d. all price changes made by any firm will be followed by all of the other firms. e. price can go up, but it cannot go down.
What is the Effective Tax Rate?
What will be an ideal response?
The term "factor market" applies to the market for
a. labor. b. capital. c. land. d. All of the above are correct.