Which of the following statements is true?
A. If a good is nonrivalrous in consumption then it is nonexcludable, too.
B. A good can be rivalrous in consumption but not nonexcludable, too.
C. An apple is nonrivalrous in consumption.
D. Many economists maintain that the market fails to produce nonexcludable private goods.
E. none of the above
Answer: E
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In macroeconomics, we analyze
a. all of the following b. the overall performance of the economy as a whole c. arrangements through which specific products are exchanged d. influences on the decision making of particular households e. the factors that affect the decisions of individual firms
A Giffen good is one for which the quantity demanded rises as the price rises because the income effect
a. reinforces the substitution effect. b. reinforces and is greater than the substitution effect. c. counteracts but is smaller than the substitution effect. d. counteracts and is greater than the substitution effect.
If the demand curve for open-heart surgery is vertical for people with serious heart conditions, then the demand for open-heart surgery is ________ with respect to price.
A. unit elastic B. inelastic C. perfectly inelastic D. perfectly elastic
Theater owners often stop their discounts when they show an extremely popular movie because
What will be an ideal response?