Which of the following is a pure public good?
a) a library book
b) public transportation
c) the judicial system
d) an interstate highway
e) all of the above
c) the judicial system
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A bilateral monopoly is characterized by a market with a single buyer and a single seller. Which factor is most likely to determine the market outcome in this situation?
A) Share of total costs that are fixed B) Degree of demand elasticity C) Degree of supply elasticity D) Bargaining power of the firms
The demand for dollars will increase in foreign-exchange markets if:
A. U.S. interest rates are high relative to those overseas. B. the U.S. is perceived to be a riskier place for investment relative to other nations. C. foreigners want to buy less U.S. goods. D. US consumers decide to buy more foreign goods than before.
The standardization of software applications that people can easily share is an example of:
A. a network externality that can be positive or negative. B. an innovation that does not carry a network externality. C. a negative network externality. D. a positive network externality.
In which of the following markets is the presence of asymmetric information of little concern to the buyer?
A. The market for used cars B. The market for used computers C. The market for used houses D. The market for used textbooks