Suppose a long stretch of beach with many possible public and private entrances is such that it is impossible to control access and, as a result, gets very crowded on summer days. Which recognized characteristic of goods does not hold
A. rivalry.
B. morality.
C. lucidity.
D. exclusivity.
Answer: D
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If a perfectly competitive firm manufacturing chairs produces 100 more chairs, what happens to the market price of a chair?
What will be an ideal response?
Suppose a positive technological change in the production of disease-resistant corn caused the price of corn to fall. Holding everything else constant, how would this affect the market for wheat (a substitute for corn)?
A) The demand for wheat would decrease and the equilibrium price of wheat would decrease. B) The demand for wheat would increase because consumers could afford to buy more wheat and corn. C) The demand for wheat would decrease and the equilibrium price of wheat would increase. D) The supply of wheat would increase and the equilibrium price of wheat would decrease.
Predatory dumping is a common problem in the United States
Indicate whether the statement is true or false
A 2 percent increase in the price of jeans leads to a 5 percent decrease in the quantity demanded of jeans. The absolute price elasticity of demand is
A) 2.5. B) 1. C) 0.4. D) 0.2.