The construction of the economy's marginal social benefit curve for a public good reflects the fact that
A) all the individuals can consume the same unit of the good.
B) more than one supplier can provide the good.
C) the same unit of the good cannot be simultaneously shared by more than one person at a time.
D) the government can supply a public good at a lower cost than can a private supplier.
A
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Analyze the following statement, and show what would happen in the long run if such advice were followed by the Fed: "The increase in the stock market has increased people's wealth
As a result, their consumption has increased, increasing aggregate demand and output. So the Fed needs to increase the money supply, since with higher income, people's demand for real money balances will be higher."
Which of the following is an example of general knowledge, as opposed to specific knowledge that can be patented?
a. the invention of a longer-lasting battery b. a mathematical theorem c. a method for constructing a high-performance microchip d. the chemical formula for an adhesive