Which of the following is not an example of market failure?
a. Lack of competition
b. Efficient equilibrium
c. Extreme income inequality
d. Externalities
b
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Which of the following goods is rival in consumption and is also excludable?
A) A fireworks display B) A movie shown on cable television C) A DVD D) A magic show in a public park.
An employer asking potential job candidates to perform a test is an example of:
A. screening. B. signaling. C. statistical discrimination. D. building a reputation.
Given the prices of two goods, all quantity combinations outside the budget line are:
a. undesirable. b. inefficient. c. inferior. d. unattainable.
When a demand schedule is drawn as a graph,
a. price is measured on the vertical axis. b. quantity is measured on the horizontal axis. c. the resulting curve has a negative slope. d. the other variables (besides price and quantity) are held constant. e. All of the above are correct.