Microeconomics Milestone 4.docx - 1 In a pure market...

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1 In a pure market economy, public goods ___________. are provided by the government tend to be under-provided are over-provided, because the government is not involved in the economy are sold at a higher price than private goods CONCEPT Comparative Economic Systems 2 A(n) __________ good is one that can be consumed by one person, and still continue to be consumed by other people. rivalrous exclusive non-exclusive non-rivalrous CONCEPT Public Goods, Private Goods, and the “Tragedy of the Commons” 3
The cost of cleaning up pollution can be measured by all of the following EXCEPT ___________.
contingent valuation as measured by surveys market prices and quantity of goods/services produced hedonic pricing as it relates to areas of pollution CONCEPT Assessing Costs of Waste and Pollution--Environmental Economics 4 Where the supply curve is more inelastic than the demand curve, who bears more of the burden of a tax?
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Which one of the answers listed is NOT a reason why businesses have been slow to adopt sustainable practices in regard to unemployment? Employment levels follow the business cycle. Businesses might lay off people in order to meet profitability in a given quarter. Sustainable business practices mean larger profits in the long run. Sustainable business practices often seem counterintuitive.
CONCEPT Assessing Costs of Unemployment--Labor Economics 6 Which of the following is an example of the "tragedy of the commons?"

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