Excludability is the property of a good whereby
a. one person's use diminishes other peoples' use.
b. a person can be prevented from using it.
c. the government rations the quantity of a good that is available.
d. the resource is congestible.
b
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The real output of the economy under conditions of full employment
A) is long-run aggregate demand. B) is long-run aggregate supply. C) happens only when there is no inflation. D) is determined by the real-balance effect.
Which of the following statements is true?
A) If both demand and supply increase, there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease. B) A decrease in demand causes equilibrium price to fall; the decrease in price then results in a decrease in quantity supplied. C) A decrease in demand causes a decrease in equilibrium price; the decrease in price causes supply to decrease. D) If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater.