Assume that the hourly price for the services of personal trainers has risen and sales of these services have also risen. One can conclude that
A) the demand for personal trainers has increased.
B) personal trainers are deliberately charging high prices because they provide services for wealthy clients.
C) the number of personal trainers has increased.
D) the law of demand has been violated.
A
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Refer to Figure 4-9. How much of the tax is paid by buyers?
A) $8 B) $5 C) $4 D) $3
Nonexcludability, in the case of rival goods, causes:
A. inefficiently high demand. B. inefficiently low demand. C. efficient, high demand. D. efficient, low demand.
According to the text, one of the ways to solve the public good problem is
A. finding ways of forcing people to pay for the good. B. not to provide the good at all. C. to allow private firms in free markets to provide the good for a fee. D. for the government to provide the good for free by using a compulsory tax.
When analyzing how money affects income, we are analyzing the way in which a
A. stock affects another stock. B. stock affects a flow. C. flow affects another flow. D. flow affects a stock.