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Four different classifications of goods in economics are private goods, public goods, common resources, and club goods.
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- 2. Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource, and explain your classification. ● ● A car licence A cinemaWhat are the necessary conditions for economic efficiency? In what 4 situations might a market fail to achieve ideal economic efficiency?When it comes to getting a college education, most people consider not O their self-interest; the social interest O the social interest; their self-interest their costs; their benefits their public interest; their social initerest
- Optimal design of a profit-maximising second degree price discrimination scheme involves O a. offering high-demand consumers the socially efficient quantity for their type and offering low-demand consumers more than the socially efficient quantity for their type. O b. offering high-demand consumers less than the socially efficient quantity for their type and offering low- demand consumers the socially efficient quantity for their type. Oc. offering both high-demand and low-demand consumers the socially efficient quantity for their type. O d. none of the other answers O e. offering both high-demand and low-demand consumers less than the socially efficient quantity for their type. A competitive market has demand of Q = 50 - 0.5P and total cost of production is C=70q for each firm. What is the effect of an innovation by one firm that gives a marginal cost of $28? Select one: O a. This is a non-drastic innovation that causes the market quantity to be 18. Ob. This is a drastic innovation…Suppose the president is attempting to decide whether the federal government should spend more on research to find a cure for heart disease. What is the opportunity cost of spending more money to find a cure for heart disease? O A. The total explicit cost of the research to cure heart disease. OB. The reduction in funding for research to cure other diseases. O C. The monetary value of a human life. O D. The cost of the Medicare/Medicaid program. O E. The reduction in future health-related costs of heart disease. How should policymakers determine the amount of money that should be allocated for research curing heart disease? They should base their decision on O A. the number of people who have heart disease compared to the number of people who have other diseases. O B. whether the last dollar devoted to research on heart disease results in more benefit than the last dollar spent on research for curing other diseases. O C. the value of the total benefit of research on curing other…E2
- A good is considered a public good if its benefits are as it is consumed and whose benefits Select one: O a. diminished; cannot be withheld O b. diminished; can be withheld c. not diminished; are enjoyed by some. O d. not diminished; cannot be withheld O e. not diminished; can be withheld Next pag o search3. Within the context of cellphone, justify that innovation diffuses in the society as a series of wavelets. Why does competitive market force demand successive better versions of innovations? How should you assess, monitor and track technology possibilities to respond to such a necessity?don't chat gpt answer i will 5 upvotes urgent. An automobile that you own could be considered a rival good, while flood control might be a good example of a non-rival good. Select one: O True O False
- Answering which of the following questions is not part of "organizing economic activity," described in class? O How should we distribute output? O What should we produce? O How should we produce output? O What prices should we charge? Question 3 2. MacBook Air 吕口 F3 F5 F6 F7 F8 #3 2$ & 3 4 6. 7 8 E R Y LLPlease give me full explanation Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.5. An example of a barrier to entry in a market is: A. Lack of profitable opportunities. B. Increasing cost of production. C. Inelastic market demand. D. Government licensing requirement.