The free-rider problem ( )
A. forces supply of a public good to exceed demand.
B. allows more people to pay for the public good than if it were a private good.
C. encourages overuse of a good that is freely available.
D. holds the equilibrium quantity of a public good below the economically efficient level.
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Which categories of goods are excludable? ( )
A. private goods and club goods
B. private goods and common resources
C. public goods and club goods
D. public goods and common resources
What is true of a monopolistically competitive market in long-run equilibrium? ( )
A. Price is greater than marginal cost.
B. Price is equal to marginal revenue.
C. Firms make positive economic profits.
D. Firms produce at the minimum of average total cost.
If a higher level of production allows workers to specialize in particular tasks, a firm will likely exhibit ________ of scale and ________ average total cost. ( )
A. economies, falling
B. economies, rising
C. diseconomies, falling
D. diseconomies, rising
A perfectly competitive firm ( )
A. chooses its price to maximize profits.
B. sets its price to undercut other firms selling similar products.
C. takes its price as given by market conditions.
D. picks the price that yields the largest market share.
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