Are all goods economic goods? Are all economic goods also goods? Explain
What will be an ideal response?
Not all goods are economic goods. Economic goods are a subset of all goods, and are produced from scarce resources. Sunlight is an example of a good that is not an economic good. Hence, the answer to the second question is "yes."
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If consumers view the output of any firm in a market to be identical to the output of any other firm in the market, the demand curve for the output of any given firm
A) will be identical to the market demand curve. B) will be horizontal. C) will be vertical. D) cannot be determined from the information given.
Which of the following statements about a supply curve is FALSE?
A) It shows a direct (positive) relationship between price and quantity supplied. B) It shows the quantity supplied at each specific price. C) It typically slopes downward to the right. D) It has a positive slope.