Which of the following displays these two characteristics: rivalry and nonexcludability?
A) a common resource B) a private good
C) a public good D) a quasi-public good
A
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An oligopolist’s effective demand curve will be kinked if the firm
A. is acting as a price leader in the industry. B. expects other firms to match price cuts but not price increases. C. expects other firms to match all price changes. D. fears new entry into the industry.
Which of the following could explain an increase in demand for labor?
a. additional training that increases the productivity of each unit of labor in this market b. an increase in the amount of risk associated with this job c. a decrease in the amount of risk associated with this job d. an improvement in the working conditions associated with this job e. a decline in the working conditions associated with this job
Market failure establishes a basis for:
a) Government intervention. b) Private goods. c) Market power. d) Externalities.
If total utility is increasing, then marginal utility:
A. Must be declining B. Must be increasing C. Must be increasing at an increasing rate D. May either be increasing or decreasing, but it must be greater than zero