A fundamental aspect of public goods is that they
A) are just like private goods EXCEPT that everybody wants to consume the same amount.
B) have positive externalities.
C) are characterized by the principle of rival consumption.
D) can be consumed jointly by many people simultaneously.
Answer: D
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A sudden rise in the market demand in a competitive industry leads to
a. A market equilibrium price higher than the original equilibrium in the short-run b. A market equilibrium price equal to the original equilibrium in the long-run c. Both a and b d. None of the above
Profit maximization is
a. the only motive of any firm's management. b. a behavioral assumption to simplify analysis. c. the same as satisficing. d. a literal description of a firm's behavior.
The investment function is represented by
A) an inverse relationship between the interest rate and the value of planned investment.
B) the direct relationship between the interest rate and the value of planned investment.
C) the indirect relationship between taxes and government spending.
D) the direct relationship between taxes and government spending.
An example of a good that is nonrival in consumption is:
A. a music CD. B. a radio broadcast of a song. C. a ticket to a concert. D. a guitar.