An example of a good that is rival in consumption is:
A. a radio program.
B. a copy of an economics textbook.
C. an economics web page.
D. a lighthouse.
Answer: B
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Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Bora Bora?
A) 1.5 gallons of honey B) 0.8 gallons of honey C) 1.125 gallons of honey D) 2/3 of a gallon of honey
A sudden fall in the market demand in a competitive industry leads to
a. A short run market equilibrium price lower than the original equilibrium b. A market equilibrium price lower than the short run price c. New firms entering the market d. All of the above
In the short run, a decrease in the price level: a. decreases output prices relative to input prices. b. increases the profit margins of many producers. c. decreases RGDP supplied
d. both (a) and (c)
Imports enter the calculation of GDP
A. with a negative sign. B. through the personal consumption category. C. as an addition to changes in private inventories. D. with a positive sign.