If one person's enjoyment of the benefits of a good does not interfere with another's consumption of it, the good is
A. nonexcludable.
B. nonrival in consumption.
C. excludable.
D. rival in consumption.
Answer: B
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________ bubble is driven entirely by unrealistic optimistic expectations
A) An irrational exuberance B) A credit-driven C) A stock D) A debt-driven
Specialization and international trade lead to
A) an outward shift in the production possibilities curve. B) an inward shift in the consumption possibilities frontier. C) a lower opportunity cost of domestic production of all goods. D) an enhanced level of consumption.
The number of U.S. workers in unions today is:
A. roughly equivalent to what it was in the 1950s. B. about 13%of all wage and salary workers. C. just under 15 million Americans. D. not something we can estimate due to the lack of information on all people in the labor market.
The price charged by oligopolists will
a. equal the equilibrium price in a price-takers market if the oligopolists collude. b. equal the monopoly price if the oligopolists do not collude. c. generally fall between the monopoly and competitive market equilibrium prices. d. be the same whether the oligopolists cooperate with one another or not; only profit is affected.