Goods that are excludable include both
a. club goods and public goods.
b. public goods and common resources.
c. common resources and private goods.
d. private goods and club goods.
d
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Bill and Krista sell potted plants from a roadside stand. The figure above shows Bill and Krista's marginal cost curve and the market price. If Bill and Krista sell 60 plants per week at $8 per plant, their producer surplus from all their plants is
A) $8. B) $480. C) $240. D) $0. E) More information is needed to answer the question.
Which of the following will happen if a new firm enters in an oligopoly with differentiated products?
A) Market price will fall. B) Market price will rise. C) Existing firms will gain market share. D) Each firm will have an equal market share.
Which statement is true about advertising?
A. If you are a tomato grower you will make more profit by advertising widely. B. Advertising is most useful if it is spent on new products of good quality. C. It is best to spend advertising money on the products with the lowest quality and lowest consumer demand. D. If John Kenneth Galbraith's "revised sequence" is correct, advertising is a waste of money.
According to the permanent income hypothesis, taxpayers react to a one-time tax rebate
A. by spending more than the amount of the tax rebate. B. by saving all of the tax rebate. C. by spending all of the tax rebate. D. by saving half of the tax rebate and spending the rest.