Compared to the private sector, the distinguishing characteristic of government is its
What will be an ideal response?
monopoly on the legitimate use of force on adults.
Economics
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Imports ________ consumer surplus, ________ producer surplus, and ________ total surplus
A) decrease; decrease; decrease B) increase; increase; increase C) increase; decrease; decrease D) increase; decrease; increase E) decrease; increase; increase
Economics
A free-rider problem exists if
A) those consuming the good pay more than the cost of providing the good so that the producer's profits increase ("free ride") as a result of the overpayment. B) those consuming the good pay nothing for it. C) two consumers can jointly consume a good, which lowers the price per person. D) a firm can obtain technology at a fair price.
Economics