A resource that is a common property is
A) oil on land owned by a drilling and refining company.
B) natural gas on land owned by an energy producer.
C) timber on land owned by a lumber company.
D) water in a publicly owned river.
D
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Which of the following would cause a firm's LRAC curve to shift up?
A) An increase in the amount of "learning by doing." B) An increase in the price of labor, all else constant. C) An increase in the amount of output produced by the firm. D) A decrease in the amount of capital employed by the firm.
A private auction is an auction in which
A) individuals know their own value of the good and everyone else's valuation, too. B) individuals have their own valuation of the good but don't know everyone else's. C) many auctions are auctioned off at the same time. D) only one good is auctioned off.
Suppose a profit-maximizing monopoly is able to employ group price discrimination. The marginal cost of providing the good is constant and the same in both markets
The marginal revenue the firm earns on the last unit sold in the market with the higher price will be A) greater than the marginal revenue the firm earns on the last unit sold in the market with the higher price. B) less than the marginal revenue the firm earns on the last unit sold in the market with the higher price. C) equal to the marginal revenue the firm earns on the last unit sold in the market with the higher price. D) greater than the marginal cost of the last unit.
People scalping tickets for a jazz festival will be successful at selling the tickets for a profit
A. only when there is excess supply. B. any time the jazz festival is popular. C. when prices are too high. D. when the price set by the festival organizers is less than the market equilibrium price.