For ________ goods, market demand is the horizontal summation of individual demand curves and for ________ goods, market demand is the vertical summation of individual demand curves.
A. nonexcludable; excludable
B. nonrival; rival
C. public; private
D. private; public
Answer: D
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The table above shows Mary's utility from chips and soda. The table shows that
A) Mary prefers sodas to chips. B) Mary will consume no soda and only chips. C) Mary's marginal utility decreases as she consumes more chips. D) Mary's total utility decreases as she consumes more chips.
________ protection, similar to the escape clause in U.S. law, refers to temporary protection given to local industries facing competition from fairly traded foreign products
A) Safeguards B) Countervailing duty C) Fair trade D) Competitive trade
Activists believe ________
A) the self-correcting mechanism in the economy is very slow B) in the adoption of policies to eliminate excessive unemployment C) doing nothing will leave too many people out of work for too long D) all of the above E) none of the above
A perfectly competitive firm’s short-run supply is infinite at the market price.
Answer the following statement true (T) or false (F)