Which of the following is an example of a pure public good?
A) a lighthouse
B) burritos
C) a high school football game
D) redwood forests
A
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A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
Demand is the relationship between the ____ and the ____ of a good when all other things remain the same. Question 3 options:
A. demand schedule; price B. quantity demanded; buying plans C. demand curve; demand schedule D. quantity demanded; price
Economists would classify the Boston Symphony Orchestra as a firm.
Answer the following statement true (T) or false (F)
When a purely competitive market is at its long-run equilibrium, then all of the following are true, except:
A. Price equals marginal cost, and they are equal to the lowest attainable average cost of production B. Marginal benefit of the last unit of the product equals the marginal cost of producing that unit C. Maximum willingness of buyers to pay for the last unit of the product equals the minimum acceptable price for the seller of that unit D. Combined amount of consumer and producer surpluses is at its minimum possible