Which of the following goods is NOT subject to the free-rider problem?
A) a public park
B) the local police force
C) public fireworks
D) a mass transit system
Answer: D
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To calculate the revenue government receives when a tax is imposed on a good, multiply the
A) pre-tax equilibrium price by the pre-tax quantity. B) after-tax equilibrium price by the after-tax quantity. C) tax by the pre-tax quantity. D) tax by the after-tax quantity. E) after-tax equilibrium price by the after-tax quantity and then subtract the pre-tax equilibrium price multiplied by the pre-tax quantity.
Without price discrimination, a firm
A) faces a tradeoff when pricing a good that has customers with different willingness to pay. B) cannot maximize profit. C) has no market power. D) does not get any producer surplus, with all of the surplus going to consumers.
All students should go on to college.
A. True B. False C. Uncertain
Typically, when people use anchoring and adjustment to estimate something, the importance of ________ in influencing their assessment is too large.
A. the adjustment B. the anchor C. neither the anchor nor the adjustment D. both the anchor and the adjustment