Each of the following would be considered a common resource except a
a. water reservoir.
b. streetlight.
c. a congested road.
d. book from a public library.
b
You might also like to view...
Most likely, the stock market crash in 1929 was triggered by ________
A) an autonomous tightening of monetary policy B) an unexpected increase in tax rates C) the rise of fascist political parties in Europe D) a decline in consumer spending
If the interest rates available on investments in two countries were the same, you would be less likely to invest in assets of the country: a. whose currency was likely to appreciate
b. whose currency was likely to depreciate. c. whose currency had the greatest exchange value. d. none of the above; it would not matter what was likely to happen to a country's currency exchange rate.
For a perfectly competitive firm at its long-run equilibrium
A. P = MR = MC = AC. B. accounting profit must be zero. C. P = MR > MC. D. there are no opportunity costs to be concerned with.
Price elasticity of demand basically measures
A. the reliability of a product. B. the variability of price changes. C. the responsiveness of consumers to price changes. D. the percentage change in market price as a result of a change in demand.