An example of a public good that is difficult to make excludable is:
A. fire protection.
B. sewer systems.
C. national defense.
D. All of these are nonexcludable public goods.
Answer: D
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If the demand and supply curves for a commodity both shift to the left and the shift in demand is less than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) the same price and quantity. B) a higher price and quantity. C) a higher price and a lower quantity. D) a lower price and a higher quantity.
What do economists mean when they say that a firm's plant is fixed?
What will be an ideal response?
In 2011, total output of goods and services in the United States was approximately
a. $10 trillion. b. $12 trillion. c. $15 trillion. d. $20 trillion.
Recall the Application about setting the price of tickets for Major League Baseball games to answer the following question(s).According to the Application, what is the reason that MLB teams are setting the price of their tickets where the marginal revenue was negative?
A. They can get additional revenue from concessions. B. MLB owners only care about popularity. C. TV revenues are way larger than ticket revenues. D. The pricing is set by the Federal Trade Commission.