What does it mean for a good to be "nonexcludable"? Are private goods nonexcludable? Are public goods nonexcludable? Are common resources nonexcludable?
What will be an ideal response?
A good is nonexcludable if everyone benefits from it regardless of whether they pay for it. Private goods are excludable, not nonexcludable. Public goods are nonexcludable. Common resources are nonexcludable.
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Marginal Revenue is
A) the increase in total revenue from selling one more unit of output. B) equal to P(1 + 1/e). C) equal to P when the price elasticity of demand is infinite. D) All of the above.
Paul Volcker, former chair of the Fed, implemented
a. contractionary policy which increased the popularity of the U.S. president who had appointed him. b. contractionary policy which decreased the popularity of the U.S. president who had appointed him. c. expansionary policy which increased the popularity of the U.S. president who had appointed him. d. expansionary policy which decreased the popularity of the U.S. president who had appointed him.
Which of the following companies was broken up by the government?
A. Standard Oil B. Office Depot C. Wonder Bread D. Southwest Airlines
Sticky wages reduce unemployment.
Answer the following statement true (T) or false (F)