People tend to eat more at all you can eat buffets than they would at any other restaurants. This is so because the cost of consuming an additional item at an all you can eat buffet is
a. negative
b. zero
c. positive
d. None of the above
b
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The government budget constraint says that ________
A) the difference between spending and revenues must equal the amount of new bond issues B) increases in spending must be matched by increases in revenue C) interest on government debt must be paid before tax revenues are spent on goods and services or disbursed as transfer payments D) state and local governments, in aggregate, cannot spend more than the federal government
To correct for negative externalities, the government
A) should allow the price system do the correction. B) can impose a tax. C) can provide a subsidy to consumers. D) should create a public good.
Which of the following is NOT a characteristic of monopolistic competition?
A) large number of sellers B) differentiated products C) advertising D) barriers to entry
Selling at unreasonably low prices in order to destroy competing firms is known as
a. administered pricing. b. price discrimination. c. collusive practices. d. predatory pricing.