A public good in which exclusion is possible is called
A) an exclusive good.
B) a common good.
C) an impure good.
D) a club good.
D
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When buying a car from a commission salesman you improve your bargaining position by
a. shopping when the new model year cars have just arrived b. shopping when the showroom is full of customers c. shopping when the car lot has few cars left unsold d. shopping toward the end of the month
The aggregate quantity of goods and services produced will decrease at every price level when resource price rises
a. True b. False Indicate whether the statement is true or false
By specializing and trading, a country is able to
A) produce but not to consume combinations of goods that lie beyond its production possibilities frontier. B) consume but not to produce combinations of goods that lie beyond its production possibilities frontier. C) obtain the absolute advantage in the goods it produces. D) both produce and consume combinations of goods that lie beyond its production possibilities frontier. E) neither produce nor consume combinations of goods that lie beyond its production possibilities frontier.
According to the above table, at a price of $16 per DVD, there is
A) an equilibrium. B) a surplus of 3000 DVDs. C) a shortage of 3000 DVDs. D) a shortage of 1500 DVDs.