Which of the following is most likely to be sold in an oligopoly market?
A) pizza
B) wireless service
C) electricity
D) cotton
Answer: B
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Total fixed cost is frequently referred to as
a. overhead. b. depreciation. c. opportunity cost. d. marginal cost.
When city beautification programs are funded privately: a. only contributing citizens are likely to benefit from a more beautiful city
b. only free riders are likely to benefit from a more beautiful city. c. an underallocation of resources toward the beautification project is likely to occur relative to what is socially efficient. d. none of the above
If orange juice and apple juice are substitutes, an increase in the price of orange juice will shift the demand curve for apple juice to the left
a. True b. False Indicate whether the statement is true or false
It is difficult to privately produce a public good because such goods are ______.
a. nonrival and excludable b. rival and nonexcludable c. nonrival and nonexcludable d. rival and excludable