Goods and services that are nonexcludable and nonrivalrous, and tend to be indivisible are ______
A. public
B. private
C. both public and private
D. neither public nor private
Ans: A. public
You might also like to view...
All firms in a competitive industry have the following long-run total cost curve:
C(q) = q3 – 10q2 + 36q where q is the output of the firm. a. Compute the long run equilibrium price. What does the long-run supply curve look like if this is a constant cost industry? Explain. b. Suppose the market demand is given by Q = 111 – p. Determine the long-run equilibrium number of firms in the industry.
Which of the following is the primary requirement for a market to be competitive?
a. Low barriers to entry and relatively easy exit b. A downward-sloping demand curve c. High barriers to entry d. A horizontal demand curve
If bread costs $1 per pound and meat costs $4 per pound, a consumer whose marginal utility of meat equals 80 utils per pound is maximizing utility only if the marginal utility per pound of bread equals
a. 4 utils b. 5 utils c. 10 utils d. 20 utils e. 80 utils
If you got a birthday gift of a $100 U.S. savings bond, you would have received
a. M1 money b. M2 money c. specie d. near money e. not money