Common resources are goods that are excludable, rival, and prone to overuse
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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Consider the market for heart transplants. The demand for a heart transplant is perfectly inelastic and the supply curve is upward sloping
If a $1,000 tax per transplant tax is imposed on buyers (the recipients), how will the tax be divided between the buyer and seller? A) The sellers will pay the entire tax. B) The buyers will pay the entire tax. C) The tax will be evenly divided between the sellers and buyers. D) More information is needed to determine how the tax is split.
Economics
What two important functions are performed by the price system?
What will be an ideal response?
Economics