The Tragedy of the Commons results when a good is
a. rival in consumption and not excludable.
b. excludable and not rival in consumption.
c. both rival in consumption and excludable.
d. neither rival in consumption nor excludable.
a
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Researchers use cost-of-illness studies to
a. study the burden of a disease b. determine the low-cost option to treat a disease c. compare two or more treatment options when the medical outcome is identical d. increase public awareness of cost of treating certain diseases e. All of the above
Other things being equal, the effects of an increase in the price of crackers on the market for soup is represented by a(n):
a. downward movement along the demand curve for soup. b. upward movement along the demand curve for soup. c. rightward shift in the demand curve for soup. d. leftward shift in the demand curve for soup.
Compared with the profit-maximizing choice of a natural monopolist, output regulation will result in a
A. Higher level of output and a lower price. B. Lower level of output and a lower price. C. Higher level of output and a higher price. D. Lower level of output and a higher price.
Marginal cost pricing implies a loss on every unit of output produced by natural monopoly.
Answer the following statement true (T) or false (F)