Goods that are not rival in consumption, but are excludable are:
A. a common resource.
B. an artificially scarce good.
C. a public good.
D. a private good.
Answer: B
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A change in technology or the relative prices of the inputs used in a production process would cause a manager's choice of inputs to use in the production process to change as well
Indicate whether the statement is true or false
Three factories in Stinky City emit high quantities of sulfur dioxide into the local environment. The city government decides to set up a ____________________ that divides the allowable amount of this pollutant between the three companies. The companies can buy and sell these instruments, but the allowable amount of emissions goes down every year.
a. marketable permit program b. pollution charge c. pollution credit d. fine system
An increase in the demand for houses
a. increases the equilibrium wage of carpenters and increases the value of carpenters' marginal product of labor. b. increases the equilibrium wage of carpenters and decreases the value of carpenters' marginal product of labor. c. decreases the equilibrium wage of carpenters and increases the value of carpenters' marginal product of labor. d. decreases the equilibrium wage of carpenters and decreases the value of carpenters' marginal product of labor.
Suppose that Rihanna sells 1,000 tickets to a concerts at $480 each. If the equilibrium price is $600 per ticket for a fixed supply of 1,000 tickets, what is the value of the additional economic rent that Rihanna could earn if she charged the market
clearing price? A) $1,080,000 B) $120,000 C) $600,000 D) $480,000