If one person's consumption of a good does not preclude another's consumption, the good is said to be
A. excludable.
B. rival in consumption.
C. nonrival in consumption.
D. nonexcludable.
Answer: C
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The majority of evidence points to the fact that, in the last decade in the United States, labor productivity has
A) stayed the same. B) increased. C) decreased in the manufacturing sector but increased in the service sector. D) decreased.
Diseconomies of scale are pictured on a graph by the upward-sloping portion of the
a. marginal product curve b. short-run marginal cost curve c. long-run marginal cost curve d. short-run average cost curve e. long-run average cost curve
Productivity is defined as the quantity of goods and services produced from each unit of labor input
a. True b. False Indicate whether the statement is true or false
A cost that expires without producing any revenue benefit is known as a(n) _____.
a. profit b. expense c. surplus d. loss