Public goods, as defined in economics, are a.. goods that are provided by the government b. overprovided because of their public nature c. provided efficiently in competitive markets but at too low a level d. subject to free-rider problems e. characterized by rivalry and nonexclusiveness
D
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In a housing market with a rent ceiling set below the equilibrium rent,
A) some people seeking an apartment to rent will not be able to find one. B) the total cost of renting an apartment will decrease for all those seeking housing. C) some landlords will not be able to find renters to fill available apartments. D) search will decrease because renters no longer need to search for less expensive apartments. E) None of the above answers are correct because to have an impact, the rent ceiling must be set above the equilibrium rent.
The MFC curve increases for a monopsonist because:
a. hiring more workers raises total labor costs. b. output price rises as a firm's market power increases. c. hiring more workers does not affect wages. d. the later workers hired are less productive. e. as more workers are hired, all workers receive higher wages.
A factory in a centrally planned economy produces 1,000 left shoes and no right shoes. No corresponding factory produces only right shoes. This outcome is an example of inefficiency in
A. output selection. B. production planning. C. product distribution. D. market segmentation.
At the competitive firm's profit-maximizing quantity of labor:
A. marginal profits are always positive. B. the value of the last worker's marginal product is greater than or equal to marginal cost of that input. C. the average product of labor is equal to the wage rate. D. the value of the last worker's marginal product is less than the marginal cost of that input.