The sale of by-products of public goods can sometimes help to finance those goods. Which of the following would not be a by-product of a public good?
A. Having police contract with a newspaper to deliver papers on the morning patrols.
B. Charging a fee for GPS signals that come from a defense department satellite.
C. Adding software to a computer you are selling in hopes of getting more sales.
D. Selling fishing license to fish off of a public bridge.
Answer: C
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A snack shop inside a hotel in a busy city has a monopoly on food sales if it is the only food vendor in the hotel that is open 24 hours a day
Indicate whether the statement is true or false
If there is an increase in the demand for automobiles, and at the same time auto workers receive a substantial raise, what will happen to equilibrium price and quantity in the automobile market?
a. Price and quantity will rise. b. Price and quantity will fall. c. Price will rise; quantity will fall. d. Quantity will rise; price change cannot be determined. e. Price will rise; quantity change cannot be determined.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Under conditions of perfect competition, AR and MR
a. are represented by a straight vertical line. b. diverge. c. are represented by a straight horizontal line. d. are represented by an upward sloping line.