Examples of public goods include national defense, police, and the U.S. Postal Service.
Answer the following statement true (T) or false (F)
False
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Which of the following is not a result of imposing a rent ceiling?
A) There is a reduction in the quantity of apartments supplied. B) The marginal benefit of the last apartment rented is greater than the marginal cost of supplying it. C) There is an increase in the quantity of apartments demanded. D) Some consumer surplus is converted to producer surplus.
The owner of an Oakley store has a more__________ demand curve and the owner of a chicken farm has a more__________ demand curve
a. inelastic; inelastic b. elastic; inelastic c. inelastic; elastic d. elastic; elastic
Refer to Table 4.1. Mike's preferences are consistent with the More-Is-Better Principle because:
A. the two goods are perfect substitutes.
B. there are no empty cells.
C. in each column, the choices at the top are ranked lower than the choices at the bottom.
Countervailing duties are used to offset any advantages that foreign exporters might gain over domestic producers because of foreign:
a. tariffs. b. subsidies. c. infant industry protection. d. quotas.