All of the following are factors that will shift the supply curve except
A) a change in production technology.
B) changing tastes and preferences.
C) a change in the price of substitutes in production.
D) a change in the number of producers.
B
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If a decrease in income leads to a decrease in the demand for ice cream, then ice cream is
A) a complement. B) a necessity. C) a normal good. D) a neutral good.
Which of the following goods is NOT subject to the free-rider problem?
A) national defense B) the local police force C) public fireworks D) a public transit system
Computers and software programs are
a. inferior goods b. complementary goods c. goods with a cross-price elasticity of demand of 0 d. substitute goods e. perfectly elastic goods
Suppose two owners of a store agree to split the profit equally regardless of the number of hours each spends working at the store. As a result,
A) production efficiency is achieved. B) each enjoys only half the marginal benefit of an additional hour working in the store. C) one will work all of the time while the other works zero hours. D) each will work as many hours as if he or she were the sole owner.