When there are too few or too many resources going to an economic activity
A) a public good exists.
B) a market failure exists.
C) consumer sovereignty exists.
D) a free-rider problem exists.
B
Economics
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Holding your income and the price of lobster constant, you can derive your demand curve for steak from an indifference curve/budget line diagram by determining how your consumption of steak changes when the price of a steak changes
Indicate whether the statement is true or false
Economics
According to the above figure for a gasoline market, an increase in the price from $2 to $4 will result in
A) a shortage of 30 million gallons. B) an increase in quantity demanded of 10 million gallons. C) an increase in quantity supplied of 20 million gallons. D) an increase in demand of 20 million gallons.
Economics