Rock climbing areas are often on public lands. These areas, which are often crowded, are classified as
A) rival and excludable.
B) non-rival and excludable.
C) rival and non-excludable.
D) non-rival and non-excludable.
C
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Which would be an example of perfect price discrimination?
A. When movies charge different prices at different times B. When airlines charge different prices for seats on the same flight C. When doctors charge rich and poor patients different prices for the same medical services D. None of the choices are examples of perfect price discrimination.
The Keynesian short-run aggregate supply curve is demonstrated graphically as a
A. downward sloping curve. B. upward sloping curve. C. horizontal line. D. vertical line.
Using the above figure, we can conclude that
A. L is preferred to K. B. the consumer is indifferent between J and M. C. the consumer will purchase goods at combination M. D. K is the optimal combination of goods.
Suppose that once a well is dug, water flows out of it continuously without any additional effort. Customers collect their water and pay a per gallon fee when they leave the site of the well. In the short run, the competitive firm in this market
A) will not shut down because variable costs are zero. B) has no fixed costs. C) faces diminishing marginal returns. D) can act as a price setter.