From an economist's perspective, why are public restrooms often dirtier than restrooms in your home?
A. Restrooms in your house are easier to clean.
B. Property rights give you an incentive to clean your restrooms.
C. There are incentives like a salary for janitors to clean the public restrooms.
D. More people use the public restrooms.
Answer: B
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Between 1860 and 1914, the concentration of industrial power did increase. What did members of the general public perceive to be the result of this heavy concentration?
(a) Expanded output (b) Lower prices (c) A transfer of income away from consumers toward big businesses (d) All of the above
Average productivity will fall as long as
A) marginal productivity is falling. B) it exceeds marginal productivity. C) it is less than marginal productivity. D) the number of workers is increasing.
Suppose Thelma and Louise both sell fried green tomatoes in a perfectly competitive market. If Louise increases her output,
a. Thelma must reduce output b. the price Thelma can charge falls c. the price Thelma can charge rises d. the price Thelma can charge is unaffected e. Thelma's profits must fall
Which of the following illustrates the concept of a negative externality?
a. A college professor plays a vigorous game of racquet ball with the racquet he recently purchased. b. A flood wipes out a farmer's corn crop. c. A college student plays loud music on his new stereo system at 2:00 a.m. d. A janitor eats a hamburger during his lunch break.