Merit goods
a. are free goods
b. are provided only by the private market
c. are provided only by government
d. are provided both by the private market and by government
e. have zero costs although their price is greater than zero
D
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The price of a good always changes when
A) either a shortage or a surplus occurs. B) quantity demanded and quantity supplied are constant. C) there is an increase in demand and an increase in supply. D) there is a decrease in demand and a decrease in supply.
The curve that reflects the view that when tax rates are too high, lowering them not only creates greater incentive for suppliers to increase production, but ends up generating higher tax revenues, is known as the:
a. Phillips curve. b. Laffer curve. c. Engel curve. d. Rational expectations curve. e. consumption curve.
Which of the following are illegal under the antitrust laws of the United States?
a. charging prices that exceed average total costs b. charging some consumers different prices than others c. mergers that unnecessarily create excessively large firms d. collusive behavior or other actions designed to create a monopoly or cartel
If a price is above equilibrium,
A. A shortage will cause the price to rise and the quantity supplied to increase. B. A surplus will cause the price to fall and the quantity supplied to increase. C. A surplus will cause the price to fall and the quantity supplied to decrease. D. A shortage will cause the price to fall and the quantity supplied to decrease.