A good that is rival but nonexclusive is called
a. a private good
b. a public good
c. a quasi-private good
d. an external good
e. an open access good
E
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Which of the following is not considered as a factor of production?
A) money B) machinery and equipment C) land D) unskilled labor
In the above figure, what happens to the firm's optimal level of output if the price it receives for its product decreases from P4 to P3?
A) Output stays the same. B) Output decreases. C) Output increases. D) There is not enough information provided to know what happens to output.
Knowing that Coke controls 80 percent of the cola market and Pepsi controls 20 percent, we can conclude the cola market is:
A. perfectly competitive. B. monopolistically competitive. C. an oligopoly. D. a monopoly
When households find themselves holding too much money, they respond by
a. purchasing interest-earning financial assets and interest rates fall. b. purchasing interest-earning financial assets and interest rates rise. c. holding the extra money and interest rates rise. d. selling interest-earning financial assets, which eliminates the excess supply of money.