Common resources are those that are:
a. excludable and rivalrous.
b. excludable and nonrivalrous.
c. nonexcludable and nonrivalrous.
d. nonexcludable and rivalrous.
d. nonexcludable and rivalrous.
Goods that are nonexcludable and rivalrous are called common resources.
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When the Fed conducts expansionary monetary policy, it __________ in the short run, but __________ in the long run.
A. boosts demand; causes inflation B. causes inflation; boosts output C. causes inflation; boosts economic growth D. boosts demand; boosts supply
To earn the greatest possible profit, a firm must:
A. maximize revenue less cost. B. minimize revenue less cost. C. maximize quantity at any price. D. maximize price at any quantity.
Which effect of a price change moves the consumer along the same indifference curve to a point with a new marginal rate of substitution?
a. the budget effect b. the preference effect c. the substitution effect d. the income effect
Suppose a market is in equilibrium. The area below the market price and above the supply curve is:
A. total economic surplus. B. consumer surplus. C. producer surplus. D. the loss in total economic surplus.