The distinguishing characteristic of a public good is
A) noncompetitive production.
B) durability.
C) exclusivity.
D) nonrival consumption.
D
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While labor unions tend to negotiate above-equilibrium wage rates for their members, they also tend to reduce the quantity of labor hired
Indicate whether the statement is true or false
Assume the market in the graph shown was originally at an equilibrium with demand D and supply S. Suppose Demand shifts and becomes D2. What might have caused such a shift?
A. The good became more popular.
B. People expect the price of this good to drop in the near future.
C. The good became cheaper to produce.
D. Substitutes for this good became less expensive.
Barriers to entry only exist for monopoly markets
a. True b. False Indicate whether the statement is true or false
If food is on the vertical axis and shelter on the horizontal axis, then the equation for the budget line can be expressed as
A. M/Ps = S. B. PsS + PfF = M. C. PsS + PfM = S. D. PsF + PfS = M.