If the consumption of a good decreases the quantity available for another person, the good is rival
Indicate whether the statement is true or false
TRUE
You might also like to view...
The ratio of the change in consumption to the change in disposable income is the
A) average propensity to save. B) marginal propensity to consume. C) average propensity to consume. D) marginal propensity to save.
In the figure above, with international trade U.S. companies buy ________ helicopters per year
A) 240 B) 480 C) 720 D) 360
The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for $1 per unit. If the wage is $5 per hour, a 2 percent cut in all the workers' income tax will cause the firm to
A) demand less labor. B) demand more labor. C) raise the wage paid to the worker. D) None of above.
Figure (a) represents the domestic demand and supply of televisions. However, if free trade is allowed and the current world price of televisions is P1 as shown in Figure (b) then the domestically produced quantity would be
a. Q1 and the domestically consumed quantity of televisions would be Q2.
b. Q2 and the domestically consumed quantity of televisions would be Q1.
c. Q3 and the domestically consumed quantity of televisions would be Q4.
d. Q4 and the domestically consumed quantity of televisions would be Q3.