Goods that are not rival in consumption include both

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Chapter 7 / Exercise 5
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78.Goods that are notrival in consumption include both a. private goods and common resources. b. club goods and public goods. * c. common resources and public goods. d. private goods and club goods.
79.An FM radio signal is an example of a good that is
80.If a road is congested, then use of that road by an additional person would lead to a
81.PlayStations and PlayStation games are complementary goods. A technological advance in the production of PlayStations will
82.If the current allocation of resources in the market for wallpaper is efficient, then it must be the case that
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Chapter 7 / Exercise 5
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Page 18of 26a. producer surplus equals consumer surplus in the market for wallpaper. b. the market for wallpaper is in equilibrium.* c. on the last unit of wallpaper that was produced and sold, the value to buyers exceeded the cost to sellers. d. All of the above are correct.
83.Assuming that the demand curve is downward sloping and the supply curve is upward sloping. If a market is allowed to adjust freely to its equilibrium price and quantity, then an increase in demand will
84.Assuming that the demand curve is downward sloping and the supply curve is upward sloping. If a market is allowed to move freely to its equilibrium price and quantity, then an increase in supply will
Food for thought: What if demand is perfectly inelastic? 85.Suppose that the equilibrium price in the market for widgets is $5. If a law increased the minimum legal price for widgets to $6,
Figure 7-23

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