Classifying a good as excludable means
A) that anyone who does not pay for the good cannot consume it.
B) that consumption of the good generates no externalities.
C) that a producer with patent or copyright protection can exclude any other producer from selling the product.
D) that someone can be barred from consuming the good based on race, ethnicity, or some other irrelevant characteristic.
A
You might also like to view...
Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s,
A) the standard of living increased in the United States. B) real GDP per capita grew more rapidly. C) real GDP per capita grew more slowly. D) the standard of living did not change.
The best measure of the standard of living is
A) real GDP per capita. B) real GDP. C) nominal GDP per capita. D) nominal GDP.
Refer to the above figure. Which panel represents the long-run supply curve for an increasing cost industry?
A) Panel A B) Panel B C) Panel C D) Panel D
Suppose that when the price of milo falls by 10 percent, the quantity of bournvita demanded decreases by 5 percent.