Private goods are those goods
A) that violate the principle of rival consumption.
B) for which no public market exists.
C) that can only be consumed by one individual at a time.
D) to which the non-exclusion principle applies.
C
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The marginal utility of a unit of good Y to Jane is
A. the additional utility that Jane gets from consuming one more unit of Y. B. defined in money terms as the minimum amount Jane is willing to pay for that additional unit of Y. C. defined in money terms as the maximum amount Jane is willing to pay for all the Y she buys except that additional unit. D. All of the responses are correct.
A decision made by a rational person
A) is intended to make the person worse off. B) would always make the person wealthier. C) is identical to a decision that would be made by any other person facing the same choices. D) is intended to make the person better off.
When the supply of a good decreases and its demand increases by the same amount: a. Price will change in the same direction as the shift in demand
b. Price will change in the same direction as the shift in supply. c. Quantity exchanged will change in the same direction as the shift in supply. d. Quantity exchanged will change in the same direction as the shift in demand.
All output combinations that lie outside a production possibilities curve are attainable with available resources and technology.
Answer the following statement true (T) or false (F)