Public goods are generally produced by
A. monopolies.
B. perfectly competitive industries.
C. the government.
D. freely functioning markets.
Answer: C
You might also like to view...
The vertical axis of a graph that shows a market supply curve indicates the
A. various quantities of output at which the market will be cleared. B. cost of the amount of output produced. C. number of sellers who are in the market for this product. D. prices at which firms would be willing and able to sell their different products.
If firms in a monopolistically competitive industry are making economic profits: a. firms will likely be subject to regulation. b. barriers to entry will be strengthened
c. new firms will enter the market. d. some firms must exit the market.
Which of the following is not included in GDP?
a. the fees for legal services rendered by your attorney b. the replacement of brake pads on your six-year-old vehicle c. cash income paid to a day laborer that is not reported to the tax authorities d. the payments for a chiropractor's services
Which of the following is a characteristic of an oligopolistic industry? a. Each firm faces many competitors who sell identical products. b. Many firms compete to sell similar, but differentiated, products. c. Firms face no competitors
d. A few large firms have all or most of the sales in an industry.