The rivalry versus nonrivalry issue is
A. relevant to the issue of market failure.
B. not relevant to the issue of market failure.
C. relevant to the free-rider problem.
D. a and c
E. b and c
Answer: B
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Refer to the above table. What are total variable costs at an output of 3 units?
A. $120 B. $270 C. $150 D. $90
Refer to the information in Figure 16.5 below to answer the question(s) that follow.
?Figure 16.5Figure 16.5 shows the marginal benefits of emitting pollution for the only two chemical companies in an industry, Alpha Chemicals and Beta Chemicals. Before any tax on pollution emissions is imposed, each company views pollution as being free.Refer to Figure 16.5. Before any tax on pollution is imposed, Beta Chemicals is emitting ________ tons of pollution.
A. 25 B. 50 C. 75 D. 100
Assuming that clothing is a normal good, an increase in consumer income, other things being equal, would:
a. increase the demand for clothing. b. decrease the demand for clothing. c. increase the quantity of clothing demanded. d. decrease the quantity of clothing demanded
If the U-shaped ATC curve is flattened out at its lowest point(s), we would have
A. diminishing returns. B. increasing returns. C. negative returns. D. proportional returns to scale.