A good that is nonrival but exclusive is called
a. a private good
b. a public good
c. a quasi-private good
d. an external good
e. a normal good
C
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Which function of money allows for comparison shopping?
A) medium of exchange B) unit of accounting C) store of value D) standard of deferred payment
If the annual real rate on a 10-year inflation-protected bond equals 1.9 percent and the annual nominal rate of return on a 10-year bond without inflation protection is 4.4 percent, what average rate of inflation over the ten years would make holders of inflation-protected bonds and holders of bonds without inflation protection equally well off?
A. 6.3 percent B. 2.5 percent C. 1.9 percent D. 4.4 percent
A market is in equilibrium:
A. if the amount producers want to sell is equal to the amount consumers want to buy. B. whenever the demand curve is downsloping and the supply curve is upsloping. C. provided there is no surplus of the product. D. at all prices above that shown by the intersection of the supply and demand curves.
Which does NOT cause an industry that might otherwise be competitive to tend toward oligopoly?
A) economies of scale B) barriers to entry C) mergers D) strategic independence