Public goods differ from private goods in that:
a. they produce negative externalities.
b. they are not scarce.
c. their benefits cannot be denied to anyone.
d. their consumption must be regulated by the government.
e. their benefits are very narrow.
c
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Suppose there is an increase in the money supply, but that people's demand for money balances increases by a greater amount at the same time. The net effect would be
A) lower interest rates, greater real GDP, and a higher price level as aggregate demand increases because of the indirect effect of the increase in the money supply. B) no change in aggregate demand or aggregate supply. C) a lower price level in the long run. D) an increase in aggregate demand due to the increase in the money supply, but a decrease in aggregate supply due to the increase in the demand for money.
If a manager is unsure what the entire profit function looks like, then she can
A) decrease output slightly to see if profits increase. B) increase output slightly to see if profits increase. C) Both A and B. D) None of the above.