Public goods are not normally characterized by the following:
a. externalities
b. market provision
c. the free rider problem
d. non-exclusion
e. all the above characterize public goods
B
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If a tax is placed on suppliers of a good, then the incidence of the tax
A) falls more on the sellers if demand is elastic. B) falls more on the sellers if demand is inelastic. C) is usually split equally between the buyers and the sellers. D) usually falls more on the sellers than the buyers. E) usually falls more on the buyers than the sellers.
Are there ever exceptions to the law of demand?
What will be an ideal response?
An increase in domestic demand for a product protected by a quota results in an increase in producer surplus for domestic firms, while for a tariff it would result in more imports
Indicate whether the statement is true or false
Consumers value the product-specific services for a new smartphone at $30 and the marginal cost to the retailers for providing the product-specific services is $40. If the retailers provide the product-specific services, which of the following is true?
A) The shift in the market demand will be exactly double the shift in the market supply. B) The shift in the market demand will equal the shift in the market supply. C) The shift in the market demand will exceed the shift in the market supply. D) The shift in the market supply will exceed the shift in the market demand.