Bobby's neighbor is growing a tree that is blocking Bobby's ocean view. Bobby is considering taking his neighbor to court. This is most likely an example of a:
A. negative externality.
B. public good.
C. free rider.
D. positive externality.
Answer: D
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If a producer can use resources to produce either good A or good B, then A and B are
A) complements in production. B) substitutes in production. C) substitutes in consumption. D) complements in consumption.
Refer to the scenario above. Rebecca should place a bid of ________
A) $40,500 B) $45,000 C) $50,000 D) $55,000
From the late 1930s until the early 1970s, courts tended to follow per se rules when deciding antitrust cases. According to these rules,
a. a firm's control of a large market share was considered intrinsically illegal. b. the existence of only one or two firms in an industry was not necessarily an antitrust violation. c. both market share and predatory practices must be considered in determining whether a firm had violated the law. d. the court should only intervene if the firm charged "unfair" prices.
The quantity of medical care demanded appears to be highly sensitive to changes in price
a. True b. False Indicate whether the statement is true or false