A public good
a. can be profitably produced by private firms.
b. is characterized by rivalry and excludability.
c. produces no positive or negative externalities.
d. is available to all and cannot be denied to anyone.
Ans: d. is available to all and cannot be denied to anyone.
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"Most textiles worn by American consumers are produced in Asian and South American countries where the opportunity costs of production are lower." This observation refers to the:
a. law of supply. b. income elasticity of demand. c. principle of beneficial tariffs. d. principle of comparative advantage. e. law of decreasing returns to scale.
Assume that the demand curve for a commodity is represented by the equation Q = 25 - 1.3P. Calculate the change in total spending for this commodity when price falls from $4.50 to $4.20
a. Total spending rises by $4.11. b. Total spending declines by $4.11. c. Total spending declines by $8.20. d. Total spending rises by $8.20.