Which of the following is not a problem with a public good?
a. An incentive to free-ride
b. A public good is often underconsumed
c. An absence of private property rights
d. An inability to limit consumption to those who purchase the good
e. A public good is usually underproduced
b
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Refer to Cost of Production. In order to produce 50 units of output per week, the firm must spend at least
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. $60.
b. $120.
c. $180
d. an amount that can not be determined given the available information.
Interlocking directorates are illegal under the Clayton Act whether or not the effect is to lessen competition substantially
a. True b. False Indicate whether the statement is true or false
Suppose Bill receives a consumer surplus of $3 on his purchase of a pizza, for which he paid $9. The price Bill was willing and able to pay is
a. $15 b. $12 c. $9 d. $6
Occurs whenever the quantity supplied is less than the quantity demanded
What will be an ideal response?