Larry Lawnlover is trying to decide whether it would be more efficient to trim his lawn with a hand-operated clipper or to buy and use an electrically operated weed-trimmer
Which of the items below will help determine the more efficient choice for Larry? A) Larry's dislike for the noise created by power tools
B) Larry's fear of being injured while using power tools
C) The sensitive skin on Larry's hand, which causes him to develop, blisters easily
D) All of the above.
E) None of the above.
D
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A good is nonrival if:
A. there is no way to prevent a person from consuming or using it. B. more than one person can consume it at the same time without affecting its value to others. C. consumption of it involves perfect rivalry. D. consumption is completely excludable.
The government proposes a tax on halogen light bulbs. Sellers will bear the entire burden of the tax if the
A) demand curve is downward sloping and the supply curve is upward sloping. B) demand curve for halogen bulbs is horizontal. C) demand curve for halogen bulbs is vertical. D) supply curve of halogen bulbs is horizontal.
Which of the following is characteristic of a monopolistic competitor?
a. a standardized product b. the ability to influence price c. allocative efficiency d. a horizontal firm demand curve
Customers who visit convenience stores at 3 a.m. have a price elasticity of demand that is _____________ elastic than those who visit at 3 p.m.
A. more B. less