Explain why the government provides public libraries. After all, we can buy books in the free market from firms such as Barnes & Noble
The government has decided that books are merit goods, and that the prices of books in the free market are
too high and/or not enough of them are bought. Since the government thinks access to books will make us
better off, it provides that access in the form of libraries.
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If the price of inputs falls and the level of consumer indebtedness rises: a. Price index rises, and real GDP rises. b. Price index rises, and real GDP falls. c. Price index rises, and the change in real GDP is uncertain
d. Price index falls, and real GDP rises. e. Price index falls, and the change in real GDP is uncertain.
A decision tree is used when modeling:
A. simultaneous decisions. B. any type of game. C. games in which timing matters. D. a prisoner's dilemma.