To an economist, a free rider is a person who
A) uses private goods without paying for them.
B) benefits from consuming public goods without paying for them.
C) consumes demerit goods.
D) uses the public transportation system without paying for it.
B
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The market labor supply curve is
a. the sum of individual labor supply curves at each quantity of labor b. the sum of individual labor supply curves at each wage rate c. the average of all individual labor supply curves d. the sum of the upward-sloping portions of individual labor supply curves e. the sum of the downward-sloping portions of individual labor supply curves
If demand is elastic, then
a. the percentage change in quantity demanded is larger in absolute value than the percentage change in price b. supply is inelastic c. prices can neither rise nor fall d. the percentage change in quantity demanded is smaller in absolute value than the percentage change in price e. supply is elastic