The provision of public goods gives rise to

An agreement among firms regarding price and/or production levels is called

As a group, oligopolists would always be better off if they would act collectively

Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for convertible automobiles of an increase in the price of steel?

Goods that are excludable include both

Figure 21-4 In each case, the budget constraint moves from BC-1 to BC-2. Refer to Figure 21-4. Which of the graphs in the figure could reflect a simultaneous increase in the price of good X and decrease in the price of good Y?

A city wants to raise revenues to build a new municipal swimming pool next year. The mayor suggests that the city raise the price of admission to the current municipal pools this year to raise revenues. The city manager suggests that the city lower the price of admission to raise revenues. Who is correct?

Figure 15-6 Refer to Figure 15-6. How much output will the monopolist produce?

Ryan sells 200 plastic ball point pens at $0.50 each. His total costs are $25. His profits are

A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery would be willing to supply 1,100 bagels. Using the midpoint method, the price elasticity of supply for bagels is about