The provision of an education in public school is
A) exclusive and rival.
B) exclusive and non-rival.
C) nonexclusive and non-rival.
D) nonexclusive and rival.
E) a public good, regardless of exclusivity and rivalness.
A
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List some types of non-price rationing systems
What will be an ideal response?
Which of the following describes that people cannot examine every possible choice available to them but instead use simple rules of thumb to sort among the alternatives that happen to occur to them?
A) self-interest B) bounded rationality C) ceteris paribus D) normative economics
Marginal revenue product is the
a. additional revenue from one additional dollar increase in price. b. change in the revenue product resulting from one additional unit of input. c. additional revenue from one additional unit of input. d. change in revenue resulting in one additional dollar in price.
Longer time frames generally result in less elastic supply
a. True b. False Indicate whether the statement is true or false