"I'm not going to pay for the good if, once produced, the good cannot be denied to anyone." This statement is most relevant to
A) negative externalities.
B) positive externalities
C) private goods.
D) nonexcludable public goods.
E) the issue of rivalry versus nonrivalry in consumption.
D
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If the price of chocolate increases by 15 percent and the quantity demanded of chocolate declines by 5 percent, the price elasticity of demand ( ) is -3
a. True b. False Indicate whether the statement is true or false
When the consumer price index rises, the typical family
a. has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. c. finds that its standard of living is not affected. d. can offset the effects of rising prices by saving more.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
Refer to the given data. What is the marginal product of the sixth worker?
Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor. Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively.
A. 2 units.
B. 3 units.
C. 4 units.
D. 5 units.