Public goods differ from private goods in that
a. they produce negative externalities
b. they are not scarce
c. the benefits they generate cannot be denied to anyone
d. their consumption must be regulated by the government
e. their benefits are restricted to the one individual consuming the good
C
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A firm operating at MC = MR must be making a profit.
Answer the following statement true (T) or false (F)
If the demand for salad dressing increases when the price of lettuce decreases, the cross-price elasticity of demand between salad dressing and lettuce will be ________ because these two goods are ________.
A. equal to 1; inelastic B. negative; substitutes C. negative; complements D. zero; inferior
All of the following are arguments against stabilization policy except
a. Economic forecasting is highly imprecise. b. Long lags may cause stabilization policies to in fact destabilize the economy. c. Monetary policy affects aggregate demand by changing interest rates. d. Fiscal policy must go through a long political process.
A fixed cost expense that management has little or no control over in the short run is a ________.
Fill in the blank(s) with the appropriate word(s)