Elizabeth Rodriguez is a veterinarian at the Cincinnati Zoo. She produces a(n)
a. nonexcludable good
b. transfer
c. public good
d. merit good
e. entitlement
D
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When both firms have dominant strategies
A) the outcome is called a dominant strategy solution. B) joint profits are maximized. C) there are multiple Nash equilibria. D) there is a prisoners' dilemma.
Color television prices rise by 10 percent, and in response the quantity of those TVs supplied increases by 6 percent. The supply elasticity for color television sets in that price range is
A) 0.6. B) 1.66. C) 6.0. D) -1.66.
Caitlin has just decided to order a computer that is made in Japan. She needs to convert U.S. dollars for Japanese yen. This conversion takes place in the
A) International Monetary Fund. B) target zone. C) foreign exchange markets. D) SDRs.
A Pigovian tax imposed on consumers ___________ the price, and if the same tax were imposed on producers, it would _____________ the price.
A. increases; decrease B. decreases; increase C. increases; increase D. decreases; decrease