The figure above shows the demand for fruit snacks. Which movement reflects an increase in the price of a substitute for fruit snacks?
A) from point a to point e
B) from point a to point b
C) from point a to point c
D) from point a to point d
D
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. At a quantity of 12,000 pounds
A) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently high. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. C) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. D) producers should lower the price to $3 in order to sell the quantity demanded of 12,000.
Which of the following is an example of a pure public good?
a. A bus. b. A mall. c. A teddy bear. d. An army. e. An automobile.