Which of the following is a problem with common resources?
a. They will be overused because they are rival when used.
b. They will be underused because they cannot exclude users who haven’t paid.
c They will be overused because they cannot exclude users who haven’t paid.
d. They will be underused because they are rival when used.
c They will be overused because they cannot exclude users who haven’t paid.
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1 and the price is P2, deadweight loss equals area
A. f. B. b. C. d. D. b + d.
Residential investment did NOT decline in the recession which began in
A) 1973. B) 1981. C) 1990. D) 2001.
When majority rule voting is used to determine whether to purchase a public good,
A) the efficient outcome is not assured. B) the median voter gets her way. C) the sum of the marginal benefits is ignored. D) All of the above.
Give an example of a competitive market.
What will be an ideal response?