A product that must be actually consumed before the quality of the product can be determined is a(n)
A) search good.
B) consumable good.
C) consumption good.
D) experience good.
D
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A monopoly firm is a ______________ and faces a __________ sloping demand curve
a. Price taker; horizontal b. Price maker; horizontal c. Price maker; downward d. Price taker; downward
What can we do to deal with the externalities associated with public goods and common resources?
a) Private markets will lead to an efficient allocation of resources. b) Government intervention can potentially raise economic well-being. c) Private markets will correct for the gain or loss to consumer surplus. d) Government intervention can completely eliminate the free-rider problem.
A monopsonist facing many suppliers of labor will employ:
A. fewer workers than a firm operating in a perfectly competitive labor market. B. an indeterminate number of workers. C. more workers than a firm operating in a perfectly competitive labor market. D. the same number of workers as a firm operating in a perfectly competitive labor market.
An increase in the wage rate of diamond cutters will increase the supply of cut diamonds.
Answer the following statement true (T) or false (F)