Economic goods are goods for which the quantity demanded exceeds the quantity supplied at a zero price.
A. TRUE
B. FALSE
Correct answer is a. true.
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Which of the following is an example of a good produced under perfect competition?
A) Cars B) Corn C) Bottled water D) Patented software
A sales tax on sellers of a good shifts the supply curve leftward because the tax is like a cost of production
Indicate whether the statement is true or false
Consider a country that produces only two goods: pineapples and tractors. Suppose it is possible for this country to increase its production of pineapples without producing fewer tractors. In this case, its current output combination is inefficient
Indicate whether the statement is true or false
A firm practicing group price discrimination that has constant marginal cost will
A) maximize total profit by maximizing profit for each group separately. B) will charge the same price to all groups. C) will act like a monopoly and treat all groups the same. D) sets p = MC.