The one characteristic that is not associated with a pure public good is
a. consumption of the good by one person doesn't prevent its consumption by others
b. the market produces less than the socially optimal quantity
c. no one can be excluded from consuming the good
d. the good can only be produced by the government
e. that even if one consumes more of it, there is still the same amount for others to consume
D
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Describe the potential negative effects of an additional tax on the sale of all-terrain vehicles (ATVs) within the United States
What will be an ideal response?
A perfectly competitive firm maximizes its profit by
A) setting its price so that it exceeds the marginal revenue. B) choosing to produce the quantity that sets MC equal to MR. C) cutting wages. D) manipulating demand.
Foreign currency prices of the U.S. dollar are currently determined by a managed float exchange rate system
Indicate whether the statement is true or false
What is the definition of an oligopoly?
a) one firm producing 95 percent of the output b) two to four firms producing 70 percent to 80 percent of the output c) eight to ten firms producing 60 percent to 70 percent of the output d) eight to ten firms producing 90 percent of the output