Goods that are nonrival and nonexcludable are called
A) external goods.
B) public goods.
C) private goods.
D) free goods.
B
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Carolyn knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information?
A) total cost B) average fixed cost C) fixed cost D) variable cost E) Carolyn can determine all of the above costs given the information provided.
An effective way in which patents allow manufacturers to prevent the entry of new firms into the industry is through
a. creating perfectly inelastic demand. b. threats of infringement suits. c. creating tying contracts. d. threats of triple damages.
Suppose you have the following values for a short-run production process: Q = 20, VC = 100, FC = 600 and MC = 40. Given this, we know that the
A. marginal cost curve must be decreasing. B. marginal cost curve must be increasing. C. average cost curve must be increasing. D. average cost curve must be decreasing.
Joan has the following assets and liabilities:Credit card balance$1,000Cash$200Government bonds$3,000Checking$300Car loan balance$10,000Car$15,000 What is Joan's money demand?
A. $300 B. $500 C. $1,500 D. $200