If it is impossible or very costly to exclude nonpaying customers from receiving a good, the good is considered to be
a. freeware.
b. nonexcludable.
c. a common good.
d. a receiving good.
B
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Good A has a perfectly inelastic demand and an upward-sloping supply curve. Good B has a perfectly inelastic supply and a downward-sloping demand curve. If the same sales tax is imposed on the sellers of both good A and good B, the price paid by
A) buyers of good A rises by more than the price paid by buyers of good B. B) buyers of good B rises by more than the price paid by buyers of good A. C) buyers of good A rises by the same amount as the price paid by buyers of good B. D) More information is needed to determine whether the price paid by buyers of good A rises by more than, less than, or the same amount as the price paid by buyers of good B.
A debit card differs from a credit card in that
A) a debit card is a loan while for a credit card purchase, payment is made immediately. B) a debit card is a long-term loan while a credit card is a short-term loan. C) a credit card is a loan while for a debit card purchase, payment is made immediately. D) a credit card is a long-term loan while a debit card is a short-term loan.
In the long run, price elasticities of demand are usually ____
a. less than they are in the short run because people can adjust b. the same as they are in the short run because tastes don't change c. greater than they are in the short run because prices rise over time d. less than they are in the short run because real prices fall over time e. greater than they are in the short run because consumers have time to adjust
For a perfectly competitive firm
A. price is greater than marginal revenue. B. price is less than marginal revenue. C. price equals marginal revenue. D. there is no relationship between price and marginal revenue.