Public goods are
A) under provided by the private market because the marginal cost of production is too high.
B) under provided by the private market because the marginal benefits of consumption are too low.
C) under provided by the private market because people's willingness to pay for the good is less than the marginal benefit of the good.
D) over provided by the private market because the marginal benefits of consumption are too high.
C
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The demand for labor is a derived demand because it is derived from
A) the supply of labor. B) union pressure. C) the demand for the output the labor produces. D) natural law.
Which of the following economic values is NOT an example of a price?
A) Wage earned per hour B) Annual interest rate paid for borrowed money C) College tuition per semester D) all are examples of prices