Public goods, as defined in economics, are a.. goods that are provided by the government b. overprovided because of their public nature c. provided efficiently in competitive markets but at too low a level d. subject to free-rider problems e. characterized by rivalry and nonexclusiveness

If the elasticity of demand is -2.3 when calculated using the point elasticity method and -3.4 using the arc elasticity method, then

A) you should use the point elasticity. B) it is OK to use either one. C) there must be a mistake in the calculations. D) you should use the arc elasticity.

The purpose of a cartel is to:

a. promote product innovation. b. increase market competition. c. act like a monopoly. d. diversify operations. e. decrease market concentration.