Economists refer to a holdout as someone who refuses to produce a pure public good with private funds
Indicate whether the statement is true or false
FALSE
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Z is a normal good. The equilibrium price and equilibrium quantity of Z in the year 2011 was $25 and 60 units, respectively
It was seen that, in 2014, the equilibrium price of Z had decreased to $15, but the equilibrium quantity had increased to 70 units. Other things remaining the same, which of the following could explain this change? A) Shift of the supply curve of Z to the left B) Shift of the demand curve for Z to the right C) Shift of the supply curve of Z to the right D) Shift of the demand curve for Z to the left
In a competitive market, the actions of any single buyer or seller will
a. have a negligible impact on the market price. b. have little effect on market equilibrium quantity but will affect market equilibrium price. c. affect marginal revenue and average revenue but not price. d. adversely affect the profitability of more than one firm in the market.
We study the simple model of competitive markets because it helps to:
A. show how poorly the economy actually functions. B. provide useful insights to markets that are not perfectly competitive. C. indicate whether buyers or sellers matter more. D. show how the government controls the economy.
Which of the following is a positive statement?
A) An unemployment rate of 5.8 percent is too high. B) The unemployment rate is 5.8 percent. C) The unemployment rate should be below 5.8 percent. D) The unemployment rate should never be above 5.8 percent.