Goods that are not excludable are usually
a. higher priced than excludable goods.
b. higher priced than rival goods.
c. in short supply.
d. free of charge.
d
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For many years the United States was able to retain a system for drafting young men into the armed forces because
A) the public feared the menace of Communism. B) patriotism had declined and so volunteers were not available. C) young men were not willing to risk their lives. D) many people adversely affected found it more to their advantage to use some personal escape route than to attack the system directly.
The minimum short-run average total cost for Tony's Barbecue equals $8.50 at an output level of 100 meals per day. The market price of each meal is $8 . In short-run equilibrium, Tony
a. will suffer an economic loss of $50 per day, serving 100 meals per day b. cannot avoid an economic loss and should produce where the difference between average total cost and the price is minimized c. cannot avoid an economic loss and should serve no meals per day d. will suffer an economic loss greater than $50 per day, serving more than 100 meals per day e. will suffer an economic loss greater than $50 per day, serving less than 100 meals per day
An empirical study determines that price exceeds marginal cost at the levels of output of firms in long-run equilibrium in the widget industry. The widget industry may therefore
a. be monopolistically competitive. b. have firms whose goal is sales maximization. c. have firms that act as price leaders. d. All of the above are correct.
The brain gets most of its energy from dopamine.
Answer the following statement true (T) or false (F)