- ~ What does it mean to say a good is "excludable"? (O There are no substitutes for the good (O It can be consumed by more than one person at a time O It doesn't face any competition O It has a non-zero price O Owners can exclude others from consuming it or enjoying its benefits Question 2 1 pts Which of the following types of goods are considered excludable? (Check all that apply) (J Common property resources (J Private goods (J Public goods (O Artificially scarce goods (J None of these. Question 3 1 pts According to welfare analysis, the efficient level of production and exchange in any market occurs where O marginal costs are equal to marginal benefits. (O externality damage is equal to zero. O total surplus is evenly divided between consumers and producers. (O marginal benefits outweigh the marginal costs. Ullregulated mildikeis always lall to provide the CITICICILIEVCI OI WHICH Of the Tunowing types of goods? (Check all that apply.) O Artificially scarce goods O Common property resources O None of these. Unregulated markets always provide the efficient level of goods. O Public goods O Private goods Question 5 1 pts The social benefits of a public good are obtained graphically by O vertically adding individual marginal benefit curves. O horizontally multiplying individual marginal benefit curves. O horizontally adding individual marginal benefit curves. O vertically multiplying individual marginal benefit curves. O None of these. Question 6 1 pts What is the main problem with relying upon voluntary donations to fund the provision of public goods? O That the social benefits are external O That environmental externalities are not accounted for O That people fail to realize how their donations impact others O That there will be price discrimination O That many people will choose to be free ridersQuestion 7 1 pts In Los Angeles, traffic often slows to a crawl during rush hour. This is a good example of (O price discrimination. O an artificially scarce good. O All of these answers are correct. O the tragedy of the commons. O the problem of free riding. Question 8 1 pts An unregulated fishery will tend to be overfished because O itis an example of a public good. O individual transferable quotas encourage overfishing. (O individuals will fish at the point that maximizes total industry profits. (O individuals will ignore how fishing reduces the catches of others. O itis an example of an artificially scarce good. Question 9 1 pts Within a specific quantity range, the marginal cost of supplying an artificially scarce good is zero. This implies that (O the supply curve is a horizontal line at a price of zero. (O total production costs are zero. O All of these answers are correct. O artificially scarce goods cannot be produced. In a market for an artificially scarce good, firms could increase efficiency through (O price discrimination. O woke capitalism. O diversifying product lines. O minimizing the cost of production