A traffic light would be considered a common resource

a. True
b. False
Indicate whether the statement is true or false


False

Economics

You might also like to view...

The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:

A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.

Economics

If a perfectly competitive firm is a profit-maximizer, it produces where

a. MR>MC b. P>MR c. P = MC d. TR = TC

Economics

Refer to the scenario above. The winner of this auction will earn a surplus of ________ if he follows his dominant strategy

A) $100 B) $300 C) $400 D) $200

Economics

How is a monopolistically competitive firm similar to a perfectly competitive firm?

A) Both will observe entry into the industry if economic profit is positive. B) Both produce where average total cost equals marginal cost. C) Both make a positive economic profit in the long run. D) Both produce a homogeneous good.

Economics