The distinguishing characteristic of private goods is that
A) the principle of rival consumption does not apply to them.
B) their use is exclusive to the people who purchase them.
C) they can be sold but not rented.
D) they can be sold or rented, but not borrowed.
Answer: B
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In a competitive market, a firm's supply curve dictates the amount it will supply. In a monopoly market the
a. same is true. b. supply curve conceptually makes sense, but in practice is never used. c. supply curve will have limited predictive capacity. d. decision about how much to supply is impossible to separate from the demand curve it faces.
Suppose households attempt to increase their money holdings. To stabilize output by countering this increase in money demand, the Federal Reserve would
a. increase government spending. b. increase the money supply. c. decrease government spending. d. decrease the money supply.