Existing computer software
a. is a public good
b. is excludable but nonrivalrous
c. is rivalrous by not excludable
d. should be provided free of charge
e. has been produced efficiently
B
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An equilibrium in a game in which players pursue their own self-interest is called
A) a prisoner's dilemma. B) a Nash equilibrium. C) a noncooperative equilibrium. D) a cooperative equilibrium.
Suppose Ethan and Ava work in a farm that grows apples and oranges of the same size. In one hour, Ethan can pick 8 pounds of apples or 1 pound of oranges. Ava can pick 6 pounds of apples or 1 pound of oranges. It can be concluded that
A) Ava has a comparative advantage in picking apples. B) Ava has an absolute advantage in picking apples. C) Ethan has a comparative advantage in picking apples. D) Ethan has an absolute advantage in picking oranges.
A monopolistic firm will shut down if
A) P < ATC for every level of output. B) P > ATC for every level of output. C) P > AVC for every level of output. D) P < AVC for every level of output.
The marginal product of any input into the production process:
A. is the increase in output that is generated by an additional unit of input. B. is the decrease in input that is generated by an additional unit of output. C. is the constant ratio of inputs to outputs. D. None of these is true.