Is there any common characteristic shared by government-inhibited goods and government-sponsored goods? Explain briefly
What will be an ideal response?
Government-inhibited and government-sponsored goods do not have any inherent characteristics that qualify them as such; instead, through the political process, people collectively make judgments about which goods and services are "good" for society and which are "bad."
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What happens to the equilibrium wage and quantity of labor if output price rises?
A) The equilibrium wage and the equilibrium quantity of labor rise. B) The equilibrium wage rises and the equilibrium quantity of labor falls. C) The equilibrium wage falls and the equilibrium quantity of labor rises. D) The equilibrium wage and the equilibrium quantity of labor fall.
Suppose a monopolist's marginal revenue equals marginal cost at an output of 100 . If price is $250, and average cost is $50 at this output, compute the monopolist's profit?
a. Profit = $250 b. Profit = $150 c. Profit = $15,000 d. Profit = $20,000