A public good is:
A. rival in consumption and excludable.
B. not rival in consumption, but excludable.
C. rival in consumption, but not excludable.
D. not rival in consumption and not excludable.
D. not rival in consumption and not excludable.
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Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $1, what changes in the market would result in an economically efficient output?
A) The price would increase, the demand would increase, and the supply would decrease. B) The quantity supplied would increase, the quantity demanded would decrease, and the equilibrium price would increase. C) The price would increase, the quantity supplied would increase, and the quantity demanded would decrease. D) The price would increase, quantity demanded would increase, and quantity supplied would decrease.
The relationship between money supply, output, and the overall level of prices is illustrated by the:
A. classical theory of inflation. B. neutrality of money. C. aggregate price level. D. measure of real output.
The Kyoto Protocol was signed by participating nations in
A) 2001. B) 1972. C) 1997. D) 2012.
On any given day, a salesman can earn $0 with a 20% probability, $100 with a 40% probability, or $300 with a 20% probability. Calculate the expected value and variance of his earnings, and interpret
What will be an ideal response?