Refer to Common Property II. If the common property is privately owned, the surplus to the consumers is
a. Area I
b. Area I + F + G
c. Area I + F + G + H
d. zero.
a. Area I
You might also like to view...
Possible causes of an upward-sloping demand curve are
A. consumers judge the quality of a product based on quality. B. consumers judge the quality of a product based on price. C. consumers judge the quality of a product based on recommendations by friends. D. consumers judge the quality of a product based on reviewer ratings.
When majority rule voting is used to determine whether to purchase a public good,
A) the efficient outcome is not assured. B) the median voter gets her way. C) the sum of the marginal benefits is ignored. D) All of the above.
If the quantity of one good that must be forgone increases as successive units of another good are produced, then there is said to be increasing opportunity cost between the two goods
a. True b. False Indicate whether the statement is true or false
Refer to the table shown. The average fixed cost of producing eight bicycles is:Output(bicycles per week)Total cost (dollars)110022003310444055806730790081,200
A. $150. B. less or equal to $12.50. C. $100. D. greater than $20.