When two goods have positive cross elasticities of demand and positive income elasticities, they are:
a. Normal and substitutes

Which of the following displays rivalry and excludability in consumption?

A) public goods B) private goods C) quasi-public goods D) common resources

If five firms of similar sizes join to form a cartel, then it is most likely that

A) they will charge a common, lower market price. B) they will collectively produce less than before. C) all five firms will earn the same profits as before. D) all five firms as a group will have falling profits, but increased output.