A pure private good is
A. nonrival in consumption and subject to exclusion.
B. rival in consumption and subject to exclusion.
C. rival in consumption and not subject to exclusion.
D. all of these answer options are correct.
B. rival in consumption and subject to exclusion.
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The idea that the production function exhibits _______ implies that ________
A) diminishing returns; the Lucas Wedge increases at output increases B) diminishing returns; each additional unit of labor employed generates an ever-decreasing amount of real GDP C) increasing returns; potential GDP is always increasing D) increasing returns; output should increase steadily as technology grows E) constant returns; each additional unit of labor employed generates an increasing amount of real GDP
If the supply curve decreases while the demand curve remains unchanged, the equilibrium price would increase
a. True b. False Indicate whether the statement is true or false
Which of the following is most likely to be preferred by economists as a relatively more efficient measure to reduce pollution?
a. Marketable permits b. A command-and-control regulation c. Corrective subsidies d. Pollution charges
Individual demand curves are summed horizontally to obtain the market demand curve
a. True b. False Indicate whether the statement is true or false