If the total benefits of a public good exceed the total costs, ______.
a. private firms will not be allowed to produce it
b. the government will no longer provide it
c. private firms will make it available to consumers
d. the government will provide it by using tax dollars
d. the government will provide it by using tax dollars
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What would happen to the value of the dollar if prices in the U.S. increased more rapidly relative to prices in other countries?
What will be an ideal response?
Which is the best example of an intangible good?
A) the car you dream of owning but cannot afford B) the suit you hope will make a good impression when you go on job interviews C) the textbook study guide you hope will prepare you to perform well on examinations D) the advice and expertise provided by the music store clerk who sold you that CD
Total revenue is
A) price × quantity. B) change in price × change in quantity. C) change in price × quantity. D) price × change in quantity.
The more bidders there are at a second-price auction,
a. the higher the expected selling price b. the higher each bidder bids c. the more each bidder will shade his bid d. the less each bidder will shade his bid