Producers have little incentive to produce a public good because
a. the social benefit is less than the private benefit.
b. the social benefit is less than the social cost.
c. there is a free-rider problem.
d. there is a Tragedy of the Commons.
c
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When Trina can afford bundles A and B but not C, she purchases bundle A. When Trina can afford bundles A and C, but not B, she purchases bundle C
We can conclude her preference ordering of the three bundles is (in order from most preferred to least) A) C, A, B. B) B, A, C. C) A, C, B. D) A, B, C.
If nonmarket work is a normal good, then an increase in income __________ the time allocated to __________
a. decreases; market work b. decreases; leisure c. increases; market work d. increases; leisure e. increases; nonmarket work
Monopoly is represented by a single seller
Indicate whether the statement is true or false
The perfectly competitive firm's total revenue curve
A) is linear and upward sloping. B) has a constant slope. C) has a positive slope. D) all of the above.