A traffic light at an intersection is
a. rival and excludable in consumption.
b. not rival but excludable in consumption.
c. rival but not excludable in consumption.
d. not rival and not excludable in consumption.
d
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Figure 10-5
In Figure 10-5, which graph best illustrates the situation of an economy reacting to a recessionary gap by reducing resource cost levels?
A. (1) B. (2) C. (3) D. (4)
A perfectly competitive firm may earn economic profits in
a. only the short run. b. only the long run. c. the short run and the long run. d. neither the short run nor the long run.
If a minimum wage is established, a monopsonist faces
A) an upward sloping supply of labor at all quantities of labor. B) a downward sloping supply of labor at all quantities of labor. C) a horizontal supply of labor at the minimum wage and the upward sloping portion of the labor supply curve above minimum wage. D) a horizontal supply of labor at the minimum wage and the downward sloping portion of the labor demand curve below minimum wage.
A worker's skills and knowledge are types of social capital.
Answer the following statement true (T) or false (F)