A good that is rival in consumption and not excludable is called a
a. public good.
b. common resource.
c. club good.
d. private good.
b
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The industrial organization economics perspective locates the source of competitive advantage at the
a. Individual firm level b. Industry level c. Both a and b d. None of the above
Under perfect competition, _____
a. firms have zero market power b. a single firm produces all of the output in the market c. firms sell differentiated products d. the marginal revenue received by a firm is greater than price
The European Union has prosecuted cases against which American firms for violations of their antitrust laws?
A. Apple and Google B. Kraft and Kellogg C. GM and Ford D. Sirius and XM Radio
In a monopolistically competitive market, the advantage that a seller has over competitors or newcomers is
A. the high price elasticity of supply for its product. B. the licenses or patents it has received. C. the consumer preference for its brand. D. the high price elasticity of demand for its product.