A concert by Toni Braxton is
a. rival and exclusive, and therefore is a public good
b. rival and exclusive, and therefore is a private good
c. exclusive, but since it is nonrival, it is a public good
d. nonrival and nonexclusive, and therefore is a public good
e. nonrival and nonexclusive, and therefore is a private good
B
You might also like to view...
A nation has a comparative advantage in the production of cars over another nation if: a. it can produce cars with fewer resources than the other country
b. it can produce cars at a lower opportunity cost than the other country. c. it can produce cars at a higher opportunity cost than the other country. d. it can produce cars at the same opportunity cost and its consumers have a stronger preference for cars than consumers in the other country.
An increase in the price of a product will reduce the amount of it purchased because:
A. supply curves are upsloping. B. the higher price means that real incomes have risen. C. consumers will substitute other products for the one whose price has risen. D. consumers substitute relatively high-priced for relatively low-priced products.
The Federal Trade Commission is an agency that would enforce
A) social regulation. B) economic regulation. C) antitrust laws. D) fair pricing for consumers.
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid a fixed fee. Under this contract,
A) production efficiency is achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.