A pure private good has two characteristics: rivalry and excludability. Rivalry suggests that a private market, rather than the public sector, should produce the good, and excludability suggests a private market will provide it

The U.S. government imposes import quotas on many agricultural products, especially products that receive price supports. Offer an economic explanation for this

What will be an ideal response?

A seller has some information about a good that the buyer does not have. When would the seller be most likely to provide the buyer with the currently "hidden" information?

A. When the seller thinks that providing the information will decrease the supply of the good. B. When the seller thinks that providing the information will increase the supply of the good. C. When the seller thinks that providing the information will decrease the demand for the good. D. When the seller thinks that providing the information will increase the demand for the good. E. There is not enough information to answer the question.