The market demand curve for a public good:
A. Is derived in the same manner as demand curves for private goods
B. Is derived by horizontally summing all individual demand curves
C. Shows the total value that all individuals place on each additional unit of the good
D. Shows the total number of units that would be produced by the public sector at each possible price
C. Shows the total value that all individuals place on each additional unit of the good
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The market demand curve for labor
A) is the same as the market demand curve for the product labor produces because it is a derived demand. B) is determined by adding up the quantity of labor demanded by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers. C) is perfectly inelastic because there is a finite number of workers in the market for labor. D) is determined by adding up the demand for labor by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
All economists agree that the worldwide benefits of globalization are likely to be greater than the worldwide costs
Indicate whether the statement is true or false