Refer to Scenario 9.1. If Sheb places ________ sheep on the commons, Monty is better off placing ________ on the commons
A) 4; 4
B) 5; 5
C) 5; 4
D) Both A and C are correct.
B
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The value of marginal product (VMP) of an input such as labor is the
A) additional output produced by the last unit of an input. B) total revenue divided by the units of the input employed. C) extra revenue gained by selling one more unit of output. D) extra revenue gained by employing one more unit of the input.
Fears that the Munn v Illinois (1877) doctrine would result in excessive government control over businesses were not realized, for it actually had the effect of retarding government regulation
Indicate whether the statement is true or false
To be binding, a price floor must be set above the equilibrium price
a. True b. False Indicate whether the statement is true or false
A free rider problem arises when
a. there are very few beneficiaries and exclusion of any one of them is possible. b. there are many beneficiaries and exclusion of any one of them is possible. c. there are many beneficiaries and exclusion of any one of them is impossible. d. there are very few beneficiaries and they all try to use the good simultaneously.