Private goods are characterized by:
A. rivalry and nonexcludability.
B. rivalry and excludability.
C. nonrivalry and nonexcludability.
D. nonrivalry and excludability.
Answer: B
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In the figure above, if real GDP is $20 trillion, aggregate planned expenditure is ________ $20 trillion and unplanned inventory changes are ________
A) equal to; equals to zero B) less than; negative C) equal to; negative D) less than; positive E) equal to; positive
In monopolistic competition there? is/are
A) only one seller who faces a downward-sloping demand curve.
B) many sellers who each face a perfectly elastic demand curve.
C) a few sellers who each face a downward-sloping demand curve.
D) many sellers who each face a downward-sloping demand curve.
As of 2017, the euro had become the currency for:
A. 19 countries. B. 25 countries. C. 7 countries. D. 12 countries.
An important difference between perfect competition and monopoly is
A. the monopoly faces an inelastic demand curve and the perfect competitor faces an elastic demand curve. B. a monopoly is profitable and a perfect competitor is not. C. a monopoly is not regulated by the market, while a perfect competitor is regulated by the market. D. the monopoly faces a downward sloping demand curve and the perfect competitor faces a horizontal demand curve.