A good is nonrivalrous in consumption if
A. its consumption by one person does not reduce its consumption by others.
B. its consumption by one person reduces its consumption by others.
C. it is possible, or not prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced.
D. it is impossible, or prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced.
E. a and d
Answer: A
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Refer to Figure 11.4. Which diagram illustrates the effect of an increase in the income tax rate?
A) A B) B C) C D) D
The above figure shows the cost curves for a competitive firm. If the market price is $15 per unit, the firm will earn profits of
A) $0. B) $4. C) $40. D) $160.
All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost
a. True b. False Indicate whether the statement is true or false
Suppose Julianna reads that Algeria's total spending on goods and services was $370 B in 2013. She also knows that ____
a. Algeria's net profits were $370 B b. Algeria's export sales were $370 B c. Algeria's real GDP was $370 B d. Algeria's value of consumer goods produced was $370 B e. all