A nonexclusive good is a good which:
a. is sold in low-price markets.
b. is impossible to keep people from enjoying the benefits the good provides.
c. is produced by a perfectly competitive firm.
d. is produced at the lowest possible cost.
b
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The United States can benefit from voluntary trade a. only with nations that can produce goods the United States cannot produce. b. only with developing nations
c. only with nations in Europe. d. with any nation.
Public goods could effectively be provided by private markets, but we choose to provide them through government
a. True b. False Indicate whether the statement is true or false
If there is freeway congestion at 8 a.m., we can reduce (or eliminate) the congestion by
A) building more freeways. B) raising the price to drive on the freeway at 8 a.m. C) encouraging workers to carpool.. D) a and b E) a, b, and c
Which of the following is NOT a component of value added of a firm?
A. expenditures on intermediate goods B. profits C. wages D. interest