Common pool resources differ from pure public goods in that
A) common pool resources are resources that cannot be renewed but the production of pure public goods can be increased at any time.
B) common pool resources are nonexcludable while pure public goods are excludable to those who do not pay of the good.
C) unlike pure public goods, common pool resources are rival in consumption.
D) common pool resources are collectively owned by a group of people while pure public goods are owned by the government.
C
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A) only I and III B) only I C) only II D) I, II, and III
In the short run, monopolistically competitive firms:
A) can earn an economic profit, minimize a loss, earn a normal profit, or shut down. B) can only earn a normal profit. C) can only earn an economic profit. D) must shutdown if price is less than average total cost.
What is the main shortcoming of the Big Mac Index?
What will be an ideal response?
Refer to the accompanying figure. Moving from point B to point A, the opportunity cost of 25 more salads is:
A. 15 pizzas. B. 20 pizzas. C. 5 pizzas. D. 10 pizzas.