Nonexcludability is a feature of
A) goods but not services.
B) all nonrival goods.
C) goods with an external cost.
D) public goods.
D
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The Consumer Price Index (CPI) measures the changes of the
A) prices paid by consumers for a fixed market basket of consumer goods and services. B) quantities of a fixed market basket of goods produced by businesses. C) lowest prices paid by consumers for a fixed market basket of consumer goods and services. D) prices paid by all businesses for a fixed market basket of production resources. E) prices paid by consumers and businesses for a fixed market basket of goods and services.
Suppose there are economies of scale in the production of a specialized memory chip that is used in manufacturing microwaves. This suggests that the microwave industry is a decreasing-cost industry
Indicate whether the statement is true or false
The law of increasing opportunity costs implies that: a. a production possibilities curve will be bowed inward toward the origin
b. a production possibilities curve will be bowed outward away from the origin. c. a production possibilities curve will be a straight line. d. a production possibilities curve will be upward sloping.
Individual demand curves are summed horizontally to obtain the market demand curve
a. True b. False Indicate whether the statement is true or false