Refer to the scenario above. Which of the following will be true if the service center has a reputation of trustworthiness?
A) The equilibrium outcome will be equitable.
B) A unique equilibrium will not occur.
C) Multiple equilibria will occur.
D) The equilibrium outcome will be socially efficient.
D
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Private goods are those goods
A) that violate the principle of rival consumption. B) for which no public market exists. C) that can only be consumed by one individual at a time. D) to which the non-exclusion principle applies.
Economists refer to the lack of incentive that voters have to search for and obtain information to help make better political choices as the
a. shortsightedness effect. b. public-interest effect. c. free rider problem. d. rational-ignorance effect.
Growing rice requires extensive irrigation in California. Economists consider water to be a ________ for rice farmers in California.
A. inferior good B. want C. need D. luxury
For a perfectly competitive? firm, the? firm-specific demand curve is ___________
Fill in the blank(s) with the appropriate word(s)