which of the following type(s) of goods may cause inefficiently low production of the good in...
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Correct Answer:
A
Artificially scarce goods are non-rivalrous, but excludable. So, putting a price on it, makes it consumption to be lower and makes its production to be inefficiently low.
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which of the following type(s) of goods may cause inefficiently low
production of the good in...
Which of the following might cause the supply curve for an inferior good to shift to the right?
Which of the following might cause the supply curve for an inferior good to shift to the right? a. an increase in input prices b. a decrease in consumer income c, an improvement in production technology that makes production of the good more prod. a decrease in the number of sellers in the market
Which of the following statements is (are) TRUE? The lemons problem causes an inefficiently high number...
Which of the following statements is (are) TRUE? The lemons problem causes an inefficiently high number of sales in high-quality goods. I. The lemons problem affects how much buyers are willing to pay for goods. II III. The lemons problem does not affect the market for services. Select one: A. I, II, and II В. I C. II D. I and II
1) When a price ceiling is in effect: A. suppliers compete for customers by inefficiently raising...
1) When a price ceiling is in effect: A. suppliers compete for customers by inefficiently raising quality levels. B. demanders compete for goods in short supply by accepting reductions in quality. C. there is no competition for goods. D. suppliers have an incentive to provide really good customer service. 2) The BEST way to help the poor afford housing is by: A. using rent control. B. raising the minimum wage. C. raising payroll taxes. D. issuing housing vouchers. 3) Which...
Question 18 For which of the following goods would the imposition of a tax most likely...
Question 18 For which of the following goods would the imposition of a tax most likely improve the efficiency of the market outcome? o the production of a good with external benefits o the production of a rival good with no external costs o the production of a good with external costs o the production of a public good
Question 201 pts Which of the following best describes the consumption of a non-rival good? Group...
Question 201 pts Which of the following best describes the consumption of a non-rival good? Group of answer choices A consumer may obtain the good without preventing simultaneous consumption by another consumer A consumer may obtain the good with the consent of the provider A consumer may obtain the good without payment Flag this Question Question 211 pts Although a lack of information can cause a market to fail, why might some market participants withhold information from others? Group of...
Which of the following is not a reason why imposing a tariff on imported goods may...
Which of the following is not a reason why imposing a tariff on imported goods may reduce a country's overall economic well-being? A. It encourages domestic consumers to substitute away from the now-more expensive good to a second-best good. B. By discouraging low-cost foreign goods in favor of high-cost domestic goods, it raises prices to consumers. C. Tariffs encourage producers to remain in protected industries where they don't have a comparative advantage. D. By limiting the number of goods allowed...
ID: 19. Which of the following will cause a movement upward along a supply curve a....
ID: 19. Which of the following will cause a movement upward along a supply curve a. Increases in raw material costs. b. Increases in the market price of a good, other things being equal c. Increases in the cost of machinery. d. Increases in labor costs. 20. Demand for a good will always rise when: a. the price of a substitute good falls. b. the price of a complementary good falls e. incomes decrease. d. tastes change. e. the price...
8. Which of the following is an example of a market failure? a) some goods are...
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
Which of the following statements is (are) correct? (x) A good is nonexcludable if it is prohibitively costl...
Which of the following statements is (are) correct? (x) A good is nonexcludable if it is prohibitively costly to prevent people from using it. (y) When a good is rivalrous in consumption, it means that one person’s use of the good will not diminish another person’s ability to use it, and, as a consequence, more than one person can use the good at the same time. (z) A shirt would be considered a private good because it is excludable and...
2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a commo...
2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A cabana along a beach that is open to the public A large, beautiful statue in a park A new keyboard for you to play in your friend's band Grade It Now Save & Co
Which of the following statements is (are) TRUE? The lemons problem causes an inefficiently high number of sales in high-quality goods. I. The lemons problem affects how much buyers are willing to pay for goods. II III. The lemons problem does not affect the market for services. Select one: A. I, II, and II В. I C. II D. I and II
Question 18 For which of the following goods would the imposition of a tax most likely improve the efficiency of the market outcome? o the production of a good with external benefits o the production of a rival good with no external costs o the production of a good with external costs o the production of a public good
ID: 19. Which of the following will cause a movement upward along a supply curve a. Increases in raw material costs. b. Increases in the market price of a good, other things being equal c. Increases in the cost of machinery. d. Increases in labor costs. 20. Demand for a good will always rise when: a. the price of a substitute good falls. b. the price of a complementary good falls e. incomes decrease. d. tastes change. e. the price...
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Common Resource Club Good A cabana along a beach that is open to the public A large, beautiful statue in a park A new keyboard for you to play in your friend's band Grade It Now Save & Co
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