What does it mean for a good to be non-rival in consumption?
What will be an ideal response?
A good is non-rival in consumption if one person's enjoyment of the benefits of the good does not interfere with another's consumption.
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Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each. Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550For all three firms, the marginal cost of pollution abatement is:
A. increasing B. decreasing C. decreasing and then increasing D. constant
Suppose that GDP is equal to 1000, national saving is equal to 200, the current account deficit is equal to 100, and the government budget deficit is equal to 50. Investment must equal
A) 150. B) 200. C) 250. D) 300.
The potential for a decline in product quality due to asymmetric information is commonly referred to as
A) the lemons problem. B) planned obsolescence. C) diminishing marginal product. D) the externality problem.
Explain why monopolists do not achieve efficiency