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Question
The tragedy of the commons occurs for goods that are
a. rival and excludable.
b. rival and nonexcludable.
c. nonrival and nonexcludable.
d. nonrival and excludable.
e. never produced by the government.
Answer
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Related questions
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b. relatively unresponsive to a change in price.
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e. completely responsive to a change in price.
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Price gouging laws will usually result in ________ the product in the distressed market.
a. more supply of
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c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
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What will an individual do differently as a buyer in the black market in the long run?
a. He or she will substitute away from the product.
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Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
a. Prices in the legal market in the community with a binding price ceiling will rise.
b. Prices in the legal market in the community with a binding price ceiling will fall.
c. There will be shortages in the community with a binding price ceiling.
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c. The binding price ceiling will increase the likelihood that consumers will obtain needed drugs on the black market.
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Q:
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Taxing goods with very inelastic demand generates less deadweight loss than taxing goods with very elastic demand because
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a. Demand for jelly will increase along with the price.
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e. The supply of jelly will decrease and the price will increase.
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A tax on milk would likely cause a decrease in the price ofa. ice cream. b. cheese. c. soymilk.d. nondairy creamer.e. breakfast cereal.
Q:
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Q:
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