A private good:
A. is a good for which consumption involves perfect rivalry.
B. is nonexcludable.
C. is often provided by the government.
D. is a good for which consumption involves perfect rivalry and is nonexcludable.
A. is a good for which consumption involves perfect rivalry.
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An open economy produces most of the goods and services that it needs, with few imports and exports.
Answer the following statement true (T) or false (F)
In a payoff matrix for a three-player game, one player picks the row, another picks the column, and the third picks the page
Indicate whether the statement is true or false
Refer to Figure 13-13. If the diagram represents a typical firm in the market, what is likely to happen in the long run?
A) Inefficient firms will exit the market and new cost-efficient firms will enter the market. B) New firms will enter the market causing the demand to decrease for existing firms. C) Competition will be intensified as firms strive to make long-run profits. D) Some firms will exit the market causing the demand to increase for firms remaining in the market.
Which of the following is not correct?
a. The demand curve facing a competitive firm is perfectly elastic. b. The demand curve facing a monopolist is the market demand curve. c. A monopolist can charge any price and sell any quantity that it chooses. d. A monopolist can alter the market price by adjusting the quantity that it produces.