A free rider
A) benefits from a positive externality without paying for it.
B) has a horizontal demand curve.
C) places no value on the good provided.
D) All of the above.
Question 2
The demand equation for the Widget Company has been estimated to be:
Q = 20,000 + 10 I - 50P + 20 PC
where Q = monthly number of widgets sold, I = average monthly income, P = price of widgets, and PC = average price of competing goods.
a. If next month's income is forecast to be 2,000, the price of competing goods is forecast to be 20, and the price of widgets will be set at 30, forecast sales.
b. What will sales be if the price is dropped to 20?
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