A public good rev: 04_09_2018 Multiple Choice generally results in substantial negative externalities. can never be provided by a nongovernmental organization. costs essentially nothing to produce and is thus provided by the government at a zero price. cannot be provided to one person without making it available to others as well.

The typical consumer's food basket in the base year 2015 is as follows: 30 chickens at $4 each 10 hams at $5 each 10 steaks at $8 each a chicken feed shortage causes the price of chickens to rise to $5.00 each in the year 2016. hams rise to $7.00 each, and the price of steaks is unchanged. a. calculate the change in the "cost-of-eating" index between 2015 and 2016. year cost of the basket 2015 $ 2016 $ instructions: enter your responses rounded to one decimal place. the official cost-of-eating index has by %. b. suppose that consumers are completely indifferent between two chickens and one ham. for this example, how large is the substitution bias in the official "cost-of-eating" index? the in the cost-of-eating index is %. the of inflation in the cost of eating reflects substitution bias.

Which of the following statements best reflects a price-taking firm? price-taking firms maximize profits by charging a price above marginal cost. the firm can sell only a limited amount of output at the market price before the market price will fall. if the firm were to charge more than the going price, it would sell none of its goods. the firm has an incentive to charge less than the market price to earn higher revenue.

In a database table, each record is usually displayed on its own separate a. column b. field c. row d. cell