National defense is a public good _____
a. meaning it is an all-or-nothing proposition
b. however it can be adjusted on the margin
c. implying whatever output produced is efficient
d. a and c
b
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A surplus of cardboard boxes means that
A) at the current price of a cardboard box, the quantity demanded exceeds the quantity supplied. B) at the current price of a cardboard box, the quantity demanded is less than the quantity supplied. C) the current price of a cardboard box is less than the equilibrium price. D) at the current price of a cardboard box, the quantity demanded equals the quantity supplied and the price will fall to restore the equilibrium. E) More information is needed to determine if the price of cardboard boxes is higher than, lower than, or equal to the equilibrium price.
A price floor is a price set below equilibrium by government and it creates a shortage
a. True b. False Indicate whether the statement is true or false