Suppose Brian Adams wants to perform a concert in the City Park in Corner Brook, Newfoundland. The city officials argue that the only way the concert can be given permission to be performed in the City Park is if it is free of charge. If Brian Adams agrees to performing free of charge, then the concert is:
a) rival and nonexcludable
b) a private good
c) excludable
d) nonexcludable
Answer: d) nonexcludable
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Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516Which of the following is correct?
A. Although the slope of the demand curve is constant, price elasticity of demand goes from inelastic to elastic as we move from high to low price ranges. B. Although the demand curve is convex to the origin, price elasticity of demand is constant throughout. C. Although the slope of the demand curve is constant, price elasticity of demand goes from elastic to inelastic as we move from high to low price ranges. D. A steep slope means demand is relatively inelastic; a flat slope means demand is relatively elastic.
In order for a Pigouvian subsidy to be efficient, the amount it costs the government to implement the subsidy must be less than the economic value of the additional externality benefits created by the subsidy.
Answer the following statement true (T) or false (F)
Federal job training programs
A. help provide job market skills to those in poverty. B. have been overwhelmingly effective in helping those in poverty. C. cost very little money per person participating. D. all of these answer options are correct.
A perfectly competitive firm has a random marginal cost with a 60 percent chance of a high marginal cost of $100 and a 40 percent chance of a low marginal cost of $90. What is the firm's expected marginal cost?
A) $94 B) $98 C) $92 D) $96