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Gillespie: Foundations of Economics 2e

Unit 07


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Question 1

Which best describes consumer surplus?

Question 2

In the free market the price mechanism:

Question 3

Community surplus equals:

Question 4

Monopoly power:

Question 5

A negative production externality means

Question 6

A positive externality occurs when:

Question 7

A merit good

Question 8

A demerit good

Question 9

A public good will probably:

Question 10

Asymmetric information occurs when