1- A public good is a good or service which the marketplace does not produce enough of so Government steps in to provide more (Example Public Schools).
True
False
2-Competition can take place in industries where only a single firm operates.
True
False
3-Equilibrium is said to be a condition at rest, largely because unless one of the determinants of Demand or of Supply were to change, the system would remain stable.
True
False
4-If our income rises and we purchase less of a good or service that is normal.
True
False