Which of the following provide benefits to society at large and not just to the person(s) who pursues it?
a. both technological knowledge that is a public good and education
b. technological knowledge that is a public good, but not education
c. education, but not technological knowledge that is a public good
d. neither education, nor technological knowledge that is a public good
a
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Which of the following is important in determining the extent of competition in an industry?
A) the level of market demand for the industry's product B) whether or not the industry product is differentiated or standardized C) the minimum efficient scale of production relative to market demand D) the minimum level of short-run average total costs of production
A demand for a product is more elastic
a. When it has few substitutes b. In the long-run c. When the expenditure on the product represent a small portion of the budget d. When the product is broadly defined