Question

7. Goods that exhibit nonrivalry and nonexcludability are called public goods. a. True b. False Indicate the answer choice that best completes the statement or answers the question. 8. In a market, buyers and sellers are coordinated through a. the government. b. the information about price. c. personal communication with each other. d. information gained from outside the market. e. collective bargaining in large groups. 9. The change in a product's price when a per-unit tax is assessed on producers is greatest when a. demand is very flat (elastic) and supply is very steep (inelastic). b. both demand and supply are very steep inelastic). c. both demand and supply are very flat (elastic). d. supply is perfectly inelastic. e demand is very steep inelastic) and supply is very flat (elastic). 10. A producer cannot at low cost exclude people from the benefits of a. computers. b. grantes c. national defense. d. lumber. e. cars.
please give all the answers, dont need explanation too much

Answer 1

7. True

This is by definition of public goods

8. b

In a market, complete information about the price is assumed, thus b is correct.

9. a

When demand is elastic, more incidence goes to the producer and when supply curve is inelastic, more tax incidence goes to the producer.

10. c

National Defence protects the whole country rather than some individuals. Thus, the benefit will be on all the poeple.