A private good is a good that:
A. is consumed by a single person or household.
B. cannot be used by private citizens.
C. cannot result in external benefits or costs to those who don't consume.
D. is available for everyone to consume, regardless of who pays.
Answer: A
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Refer to the scenario above. If each bidder uses his dominant strategy, who will win the auction?
A) John B) Jacob C) Alex D) Maria
In a common-value auction
a. Every bidder knows the exact value of the item being auctioned b. Each bidder knows everyone else's value of the item c. The value is the same for all the bidders d. All of the above
Structural unemployment is a special type of cyclical unemployment
a. True b. False Indicate whether the statement is true or false
Describe a scenario of a family leasing a rent-control apartment. In your description, show the various pros and cons of rent control.
What will be an ideal response?