Because it is
a. excludable but not rival in consumption, a sweatshirt is a club good.
b. rival in consumption but not excludable, a sweatshirt is a club good.
c. both excludable and rival in consumption, a sweatshirt is a private good.
d. neither excludable nor rival in consumption, a sweatshirt is a public good.
c
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Economic models
a. are not useful because they omit many real-world details. b. are usually composed of diagrams and equations. c. are useful because they do not omit any real-world details. d. are usually plastic representations of the economy.
In the circular flow diagram, firms get their ability to pay for the costs of production from the
What will be an ideal response?
In the above figure, if d4 is the relevant demand curve for this firm, then which level of output will maximize this firm's profits or minimize its losses?
A. A B. B C. C D. D
Assuming there are no externalities, if a firm produces an output level where the benefits to consumers ________ the cost to suppliers to produce it, then price is ________ marginal cost.
A. exceed; less than B. equal; greater than C. are less than; greater than D. are less than; less than