A good that is neither rival nor exclusive is called
a. a private good
b. a public good
c. a quasi-private good
d. an external good
e. an open access good
B
You might also like to view...
If monopolistic competitors are taking losses, in the long run firms ________ and market price will ________.
Fill in the blank(s) with the appropriate word(s).
A firm's capital is measured as a ________ while investment in new capital is measured as a ________.
A. flow; stock B. stock; change C. stock; flow D. physical amount; dollar value
What is the difference between total utility and marginal utility?
What will be an ideal response?
Well-defined property rights:
A. are clearly written in English. B. clearly state who owns resources and how the resources can be used. C. allow the government to confiscate property. D. restrict the use of land and natural resources to productive uses.