A good is nonrival in consumption if it is not practical to exclude people who don't pay for it from enjoying its benefits.
Answer the following statement true (T) or false (F)
False
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Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. This would tend to cause the labor supply curve for citrus pickers to
A) shift to the left, causing the labor demand curve to shift to the left. B) remain unchanged, and the wage rate would tend to increase. C) shift to the right, causing the labor demand curve to shift to the right. D) remain unchanged, and the wage rate would tend to decrease.
Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175Refer to the above payoff matrix. Assume that firm B adopts a low-price strategy while firm A maintains a high-price strategy. Compared to the results from a high-price strategy for both firms, firm B will now:
A. gain $50 million in profit and firm A will lose $50 million in profit. B. lose $75 million in profit and firm A will gain $50 million in profit. C. gain $75 million in profit and firm A will lose $50 million in profit. D. gain $50 million in profit and firm A will lose $75 million in profit.
The amount of income that households keep after paying taxes is
A) personal income. B) personal disposable income. C) value added income. D) national income.
The United States and Brazil are competitors in the world soybean market. In the late 1960s and early 1970s, the Brazilian government developed regulations designed to encourage Brazilian soybean production and exports
An unanticipated effect of the Brazilian regulations was to stimulate U.S. soybean production and exports. The type of economic analysis that would explain and predict these effects is called A) closed economy macroeconomics. B) international economics. C) partial equilibrium analysis. D) full market analysis. E) general equilibrium analysis.