Which of the following is not true for a public good?
A. Marginal cost of serving public good to one more person is zero.
B. Free-rider problem arises in case of public goods.
C. Exclusion is not possible in most of the public goods.
D. Public goods include only material commodities.
Answer: D
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An illegal market in which the price exceeds a legally imposed price ceiling is called a
A) shortage market. B) surplus market. C) black market. D) fair market. E) subsidized market.
Strikes are a form of legitimized extortion by which workers withhold labor to extract higher returns for management
Indicate whether the statement is true or false
Since there are long waiting lists for tickets to events that regularly occur (Duke basketball, the August NASCAR race in Bristol, Tennessee, etc.), a profit-maximizing promoter might
A. lower ticket prices. B. eliminate seating. C. eliminate the event altogether. D. increase seating.
A technological advance that increases the marginal product of labor shifts the labor- ________ curve to the ________.
a. demand, left b. supply, left c. demand, right d. supply, right