A smart phone would be considered:
A. a common resource.
B. a private good.
C. a public good.
D. an artificially scarce good.
B. a private good.
You might also like to view...
Firms in perfect competition produce the productively efficient output level in the short run and in the long run
Indicate whether the statement is true or false
Immigrants were valued as a vital source of labor and, consequently, they were greeted with open arms after the 1830s
Indicate whether the statement is true or false
With reference to the difference between a change in demand and a change in quantity demanded, which of the following is TRUE?
A) If a good's price goes down, then demand for the good will decrease. B) If a good's price goes down, then quantity demanded will increase. C) If demand increases, then the demand curve will shift to the left. D) If price rises and quantity demanded decreases, then the demand curve will shift to the left.
If the market price falls below the bottom of the firm's ATC curve:
A. there is no level of output at which the firm can make a profit. B. the firm is earning profits. C. the market price must be lower than the firm's AVC. D. Total revenue must be higher than total cost.