In economics, the demand for a good refers to the amount of the good that people
a. Will buy at alternative income levels
b. Need to achieve a minimum standard of living.
c. Will buy at various prices
d. Would like to have if the good were free
Answer: c. Will buy at various prices
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Which of the following would likely be the most effective possible solution when a scarce resource is subject to the tragedy of the commons?
A) offer subsidies to the users of the commons B) restrict access to the commons through community norms and laws C) persuade people to use less of the scarce resource through an advertising campaign D) force people to move a great distance away from the commons
From 1970 to 2006, data representing average real income for U.S. households indicates that the rich have ________ and the poor have ________
A) gotten richer; gotten poorer B) gotten richer; also gotten richer C) gotten richer; gotten neither richer nor poorer D) gotten poorer; also gotten poorer
Suppose that a monopolist is producing an output level of 10,000 units. At that output level, both MR and MC equal $5, AR equals $7, and ATC equals $6. Which of the following statements is correct?
a. the firm is maximizing its total profit, which equals $10,000. b. total cost equals $60,000. c. total revenue equals $70,000. d. All of these.
The main area of economic activity that Canada chose not to open to free trade is
A) agriculture. B) oil and gas. C) lumber. D) the cultural industries. E) financial services.