A good is nonrivalrous in consumption if
A. its consumption by one person does not reduce its consumption by others.
B. its consumption by one person reduces its consumption by others.
C. it is possible, or not prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced.
D. it is impossible, or prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced.
E. a and d
Answer: A
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If a firm in a perfectly competitive market faces a market price of $7, and it decides to increase its production from 4,000 to 12,000 units, the firm's marginal revenue will:
A. stay the same. B. rise once diminishing marginal product sets in. C. increase from $28,000 to $84,000. D. diminish once diminishing marginal product sets in.
The production possibilities frontier shows the opportunity cost of one good as measured in terms of the other good
a. True b. False Indicate whether the statement is true or false
“Those most able should pay the highest taxes” reflects the
A. ability-to-pay principle. B. concept of horizontal equity. C. idea of fiscal federalism. D. benefits principle.
Which of the following is definitely true if the production possibilities curve shifts outward?
A. Aggregate supply has increased. B. Population has increased. C. GDP per capita has increased. D. Inflation has increased.