1.
If one person’s enjoyment of the benefits of a good does not interfere with another’s consumption of it, the good is said to be ?
2.
An example of public good is ?
3.
Private goods are ?
4.
The conclusion that free, unregulated markets will produce an efficient outcome breaks down if ?
5.
The government increase the minimum wage. The National Association of Fast Food Restaurants hires you to determine the impact that this higher minimum wage will have on it industry. This is an example of ?
6.
When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing ?
7.
The total cost to society of producing an additional unit of a good or service is the ?
8.
If PX > MCX, society gains by ?
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