The principal author of the U.S. Constitution
a. Hamilton
b. Washington
c. Jefferson
d. Madison
e. None of the above
D
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Free riders are not a problem in the market for a private good because
A) non-payers can be excluded from consuming the good. B) the good is a rival good. C) the good can be produced only at a positive marginal cost. D) the free rider will not get caught.
Industries in which firms ________ are likely to expand in the long-run.
A. break even B. have positive profits C. shut down in the short run D. suffer losses
Which of the following characteristics of a monopoly leads to positive economic profits?
a. The horizontal market demand curve faced by a monopolist b. The existence of a large number of firms in the market c. The availability of substitutes for the monopolist's product d. The price-setting behavior of a monopolist
Briefly explain what the sacrifice ratio is and how policy makers can use it in their decision making. Then give an example of policymaking using the sacrifice ratio that highlights the limits of this tool.
What will be an ideal response?