Free riding is primarily a characteristic of which type of good?
A) a pure private good
B) a pure public good
C) a club good
D) a common pool resource
B
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The above figure shows the demand and cost curves for a firm in monopolistic competition. The firm earns total revenue of
A) $120. B) $40. C) $160. D) $0.
The Prisoner's Dilemma is an example of
A) market signaling. B) a zero-sum game. C) a non-zero sum, non-cooperative game with a dominant strategy. D) adverse selection.
One necessary step in demonstrating monopolistic behavior is to define the market. In this process, defendants would:
a. claim that the market was not in equilibrium. b. want the market defined as narrowly as possible. c. deny that a market existed. d. assert that the market was not stable. e. want the market defined as broadly as possible.
Which of the following is the best example of causation? (versus correlation)?
A. Oil prices go up and gasoline prices go up. B. Women's skirts get shorter and the stock market goes up. C. The groundhog sees its shadow and winder lasts longer. D Ice cream sales and the number of drownings.