A movie at the movie theater is an example of a good that is
a. both non-rival and non-excludable
b. both rival and excludable
c. rival but non-excludable
d. non-rival but excludable
e. rival but whose consumption creates negative externalities
D
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Total utility decreases when diminishing marginal utility is present.
Answer the following statement true (T) or false (F)
A justification for patents is that without patents consumer surplus would be
A) larger than with the patent. B) zero since the product would not be invented. C) only slightly smaller than with the patent. D) zero since the monopoly would be a revenue maximizer.
If the dollar rises in value compared to other currencies, what will happen in the United States?
a. an increase in aggregate demand b. an increase in aggregate supply c. a decrease in aggregate supply d. an increase in the U.S. price level
Other things constant, a decrease in aggregate demand will
a. lead to a decrease in the demand for resources. b. cause an increase in the general level of prices. c. result in higher nominal wage rates. d. reduce the rate of unemployment.