An example of a good that is rival in consumption is:
A. a hamburger.
B. radio signals broadcast over the air.
C. national defense.
D. public utilities.
A. a hamburger.
You might also like to view...
A cartel is an agreement
A) among firms to flood the market and eliminate competition. B) among firms to steal industrial processes from rival firms. C) among firms to decrease output and raise price. D) by the government to restrict imports.
Gross domestic product is calculated by summing up
A) the total market value of goods and services in the economy. B) the total quantity of goods and services produced in the economy during a period of time. C) the total quantity of goods and services in the economy. D) the total market value of final goods and services produced in the economy during a period of time.
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. What is Larry's economic surplus from attending State College instead of his next best alternative?
A. $10,000 B. $5,000 C. $40,000 D. $20,000
If the stock market plunged over the next week, consumers would:
A. Rush to buy more goods and services. B. Buy more stocks to make up for their losses. C. Demand fewer goods and services. D. Cause the aggregate demand curve to shift to the right.