A public good
a. possesses the characteristic of nonrivalry in consumption
b. is one whose benefits cannot be shared
c. is provided by the public sector
d. has nonexcludable benefits
e. both (a) and (d)
e. both (a) and (d)
Economics
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If quantity demanded is greater than quantity supplied, then
a. an excess supply exists b. the market is in equilibrium c. the price will rise d. the supply curve must be vertical e. there will be no tendency for the situation to change
Economics
If the revenues from a Pigovian tax are not directed to those who are affected by the externality, the outcome:
A. is efficient and maximizes surplus. B. is not efficient and does not maximize surplus. C. is efficient, but does not maximize surplus. D. is not efficient and maximizes surplus.
Economics