An example of a good that is nonexcludable is:
A. an art exhibition with an admission fee.
B. a piece of Velcro.
C. space exploration.
D. a bottle of Tang.
Answer: C
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If the price level rises but the money wage rate does not, then firms will hire ________ labor and the quantity of real GDP supplied will ________
A) more; increase B) the same amount of; not change C) less; decrease D) more; not change E) less; increase
For Adam Smith, commercial society is characterized by
A) private property rights. B) specialization in production. C) voluntary exchange. D) all of the above.
The figure above shows the marginal revenue and costs of a perfectly competitive firm. When the firm produces 170 units
A) marginal cost is less than marginal revenue. B) marginal revenue equals marginal cost. C) total revenue is less than total cost. D) total revenue equals total cost.
Consider the market for cable television, a natural monopoly, shown in the figure above. If the regulator imposes a marginal cost pricing rule, the firm provides service to
A) 3.5 million households. B) 6 million households. C) 10.5 million households. D) 12.5 million households.