The market demand for a public good can be determined by
A) adding up the total private benefits and external benefits that each quantity provides the citizens of a country.
B) adding up how much each consumer is willing to pay for each unit of the public good.
C) adding up how much each citizen expects to consume at each possible price.
D) estimating the value of the benefit that each unit provides and multiplying that by the number of consumers.
Question 2
When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent, and the sale of dips (like salsa and bean dip) fell 8 percent.
This set of facts indicates that the cross-price elasticity between tortilla chips and dips is ________, so the two are ________.
A) 0.4; substitutes B) -0.4; complements C) -0.8; complements D) 0.8; substitutes
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