When a good is rival in consumption:
A. it is possible for sellers to prevent its use by those who have not paid for it.
B. one person's consumption prevents or decreases others' ability to consume it.
C. consumers have a perception of scarcity of that good.
D. the government has specific import policies limiting its supply.
Answer: B
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Using the government as a means of redistribution generates equity at the cost of efficiency, in part because
A) the process of redistribution uses up some of society's resources. B) the process of redistribution creates new resources for society. C) redistribution creates new incentives to work for both rich and poor. D) redistribution would not take place otherwise.
If Lisa spends her income on veggie burgers and pints of soy milk and the price of veggie burgers is three times the price of a pint of soy milk, then when Lisa maximizes her utility she will buy
A) three times as many pints of soy milk as veggie burgers. B) both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk. C) three times as many veggie burgers as pints of soy milk. D) both goods until the marginal utility of a pint of soy milk is three times the marginal utility of veggie burgers.
The watershed approach
a. is a framework used to coordinate the management of each hydrologically defined area b. has been rejected by U.S. policy makers c. has received no financial support from the federal level of government d. does not allow for the use of water quality trading
Each year around July 4 the town of Flagston has a controversy over how big a fireworks display they should have on the holiday. The three citizens have the demand functions for fireworks that are shown here. The cost per firecracker is $18. Elmer has the demand function P = 20 - Q. Ethel's demand equation is P = 12 - .6Q, and Edith has the demand P = 8 - .4Q.What is the total community demand equation for the fireworks display?
What will be an ideal response?