Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices.
B) summing the amount supplied by individual producers at various prices.
C) the law of supply.
D) observing how the supply curve shifts.
Answer: B
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A firm might be tempted to cheat on a collusive price-fixing agreement by setting a ________ price and producing ________ than agreed upon
A) lower; more B) lower; less C) higher; more D) higher; less
Why is the price elasticity of demand a relative measure? That is, why is elasticity measured in percentage terms rather than in absolute terms?
A) So the coefficient of elasticity will not be dependent on the physical units of the good. B) Because absolute measures do not account for the direction of the change in quantity. C) So that the coefficient of elasticity will not be negative. D) Because the absolute price or quantity demanded of a product is irrelevant to the elasticity measure.
What are the major components of M1? What are the major components of M2? Describe each component
What will be an ideal response?
The answer is, "Because of the free rider problem." The question is:
A) Why can't the government produce nonexcludable public goods? B) Why can't the market produce nonexcludable public goods? C) Why do negative externalities exist? D) Why do positive externalities exist? E) b and d