An example of a good that is rival in consumption is:
A. a radio program.
B. a copy of an economics textbook.
C. an economics web page.
D. a lighthouse.
Answer: B
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Use Figure 13.1 above to help with the following question. Why is it true that at every level of output except the first unit, the monopolist's marginal revenue (MR) is below price
What will be an ideal response?
If a good is considered a normal good, the demand curve will shift ________ when income increases because ________
A) right; the income and substitution effects move in the same direction. B) right; the income and substitution effects move in the opposite direction. C) left; the income and substitution effects move in the same direction. D) left; the income and substitution effects move in the opposite direction.
Refer to Scenario 15.1. If the interest rate falls,
A) the present value of this contract will fall. B) the present value of this contract will be unaffected. C) the present value of this contract will rise. D) Jacob will be paid less than $10 million each year. E) Jacob will be paid more than $10 million each year as he can invest the money.
An increase in the money supply is more likely to be inflationary when
a. the economy is at less than full employment. b. the economy is at full employment. c. a surplus government budget exists. d. velocity is decreasing.