1.Which of the following is the most non-rival? a. a local public park b. govern

Question

1.Which of the following is the most non-rival?

a. a local public park

b. government provided school lunches

c. services from the fire department

d. the light from a lighthouse

e. SiriusXM radio

2.If the price of hot dogs increases, then

a. the supply of hot dogs will increase

b. the quantity demanded for hot dogs will rise

c. the demand for hot dogs will fall

d. the demand for mustard will increase

e. none of the above

3.A tax of $5 on an economics book will increase the price by __________ $5 if the demand curve __________ and the supply curve ______________.

a. exactly; exists; exists

b. exactly; is horizontal; slopes up

c. less than; slopes down; slopes up

d. more than; is horizontal; slopes up

e. none of the above

Explanation / Answer

1.

A.

A public local park can be used by anyone without restricting the other people.

2.

C.

Demand of hot dogs will come down with increase in price of hot dogs

3.

C

If demand curve is downward sloping and supply curve is upward sloping, then the supply and demand has some part of elasticity. It will cause price to be less than $5.

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