Public goods ____ rival ____ excludable
a. Are, and are
b. Are, but are not
c. Are not, but are
d. Are not, and are not
d
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Refer to Figure 13-2. The marginal revenue from selling the additional unit Qb instead of Qa equals
A) the area (H - E). B) the area (G + H). C) the area G. D) the area (E + F) - (G + H).
A difference between moral hazard and adverse selection is that
a. moral hazard deals with pre-contractually determined public information b. moral hazard deals with post-contractually determined private information c. adverse selection deals with pre-contractually determined private information d. adverse selection deals with post-contractually determined public information
If a firm's output equals 10, product price equals $5.00, TFC = $8.00, and TVC = $60.00, then ATC would equal
a. $.80 b. $1.00 c. $6.00 d. $6.80 e. $8.00
Game theory is important for the understanding of
a. competitive markets. b. monopolies. c. oligopolies. d. all market structures.