Once an idea enters society's pool of knowledge, the idea becomes a
a. societal good.
b. private good.
c. public good.
d. proprietary good.
c
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The marginal social benefit curve from a public good is found by horizontally summing the marginal benefit curves of all individuals
Indicate whether the statement is true or false
If the demand shifts, then for a profit maximizing monopolist,
A) price will change while quantity will remain constant. B) price will change and quantity will change. C) Both A and B. D) Neither A nor B.
In a common-value auction
a. Every bidder knows the exact value of the item being auctioned b. Each bidder knows everyone else's value of the item c. The value of the item is different for all the bidders d. None of the above
Assume a market that has an equilibrium price of $5. If the market price is set at $9, producer surplus:
A. rises for some producers because of the increased price. B. decreases for some producers because of fewer transactions taking place. C. Both A and B are true. D. Neither of these statements is true.