A good that is excludable but not rival is known as a club good
a. True
b. False
Indicate whether the statement is true or false
True
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The time-inconsistency problem with monetary policy tells us that, if policymakers use discretionary policy, there is a higher probability that the ________ will be higher, compared to policy makers following a behavior rule
A) inflation rate B) unemployment rate C) interest rate D) foreign exchange rate
If individuals were paid for their household production, GDP would: a. increase
b. not change, but GNP would increase. c. decrease. d. not change, but GNP would decrease.
A monopolistic competitor is similar to a monopolist in that
A. both produce the output at which long-run average cost is at a minimum. B. both have market power. C. both earn positive economic profit in the long run. D. a and b E. all of the above
There are one-half million grain farmers in the country producing corn. The best model to analyze this market is
A. oligopoly. B. perfect competition. C. monopolistic competition. D. monopoly.