Suppose the latest Hunger Games movie first played in theaters, where it sold out during its opening week. Several months later it was available on pay-per-view TV. Two years later it was shown on CBS, a broadcast television network. When the movie was playing in theaters, it was a ________ good; when it was available on pay-per-view TV, it was a ________ good; and when it was shown on CBS, it was a ________ good.
A. private; collective; public
B. collective; commons; public
C. private; public; public
D. collective; private; commons
Answer: A
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Suppose tennis shoes cost $50 per pair and firms supply 50,000 pairs of shoes. If the price decreases to $45 and firms decide to supply 48,000, the elasticity of supply equals
A) 0.0025. B) 0.04. C) 2.63. D) 0.39.
Some policymakers have argued that products like cigarettes, alcohol, and sweetened soda generate negative externalities in consumption. If the government decided to impose a tax on soda, the government will cause
A) producers to internalize the externality. B) the external cost to drinking soda to become a private cost paid by the government. C) consumers to internalize the externality. D) the external cost to drinking soda to become a private cost paid by producers.
Clearly defined property rights promote the efficient use of property
Indicate whether the statement is true or false
Diminishing returns refers to the decrease in
A. average total cost that results from decreases in input prices. B. long-run average cost that results from increases in output. C. profit that results from increases in output. D. marginal product that results from increases in the variable input. E. average product that results from increases in the variable input.