The commons problem refers to:
a. a problem that arises when everything is privately owned.
b. a situation when the resources are owned by the government and the common people have limited access to them.
c. a problem that arises when government takes incorrect measures which adversely affect common people.
d. a problem that arises when everyone has access to a particular resource.
e. the adverse situation that arises when the government fails to take adequate measures to solve common problems.
d
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Both price supports and a price floor can
A) create a deadweight loss. B) decrease output below the equilibrium quantity. C) decrease the price below the equilibrium price. D) increase consumer surplus. E) have no effect on producer surplus.
In the figure above, if the interest rate is 8 percent, people demand $0.1 trillion
A) less money than the quantity supplied and the interest rate will rise. B) less money than the quantity supplied and the interest rate will fall. C) more money than the quantity supplied and the interest rate will fall. D) more money than the quantity supplied and the interest rate will rise.