Farms with sales of more than $250,000 account for __________ percent of U.S. agricultural sales.

Suppose that in October the price of a cup of cafe latte was $2.50 and 400 lattes were consumed. In November the price of a latte was $2.00 and 300 lattes were consumed. What might have caused this change?

A) The price of tea (a substitute for cafe lattes) rose. B) The price of tea (a substitute for cafe lattes) fell. C) The price of coffee beans (an input of production of cafe lattes) rose. D) The price of coffee beans (an input of production of cafe lattes) fell.

Resources tend to be allocated inefficiently when goods

a. are private goods. b. are rival in consumption and excludable. c. are available free of charge. d. are available only at very high prices.