A fundamental aspect of public goods is that they
A. have positive externalities.
B. are just like private goods EXCEPT that everybody wants to consume the same amount.
C. are characterized by the principle of rival consumption.
D. can be consumed jointly by many people simultaneously.
Answer: D
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Why do firms in an oligopoly find it difficult to cooperate and not cheat on a cartel agreement?
What will be an ideal response?
The benefit (or satisfaction) that an individual expects to derive from an activity is called
a. opportunity cost. b. utility. c. marginal cost. d. scarcity.
One of the two criteria for a resource to be considered capital is that it must:
A) occur naturally. B) be part of a factory or building. C) be a skill or talent possessed by a person. D) be possible to use it to produce other goods and services.
Which of the following is TRUE of a perfectly competitive firm and a monopoly in the long run?
A. P = ATC B. P = MC C. P = MR D. MR = MC