Private property rights imply that people can own things, and they can do what they want with what they own even if they infringe on the private property rights of others

Which of the following is best characterized as a public good?

A) a public library B) a church C) primary education D) police protection

Often economists measure the loss in consumer surplus by looking at the changing area below the Marshallian demand curve. This approach will provide a more accurate measure of the compensating variation of such a price increase if: a. the good occupies a small portion of a person's budget

b. the good occupies a large portion of a person's budget. c. the good has many close substitutes. d. the good has few substitutes.