Classifying a good as rival means
A) that when one person consumes a unit of the good no one else can consume it.
B) anyone who does not pay for the good cannot consume it.
C) that the good is produced in a competitive market.
D) that there is a shortage of the good.
A
You might also like to view...
The cost of building a blast furnace for an iron and steel firm would be categorized as a: a. total cost
b. fixed cost. c. variable cost. d. marginal cost.
Melanie decided to sleep in today rather than attend her 9 a.m. economics class. According to economic analysis, her choice was
a. irrational, because economic analysis suggests you should always attend classes that you have already paid for. b. irrational, because oversleeping is not in Melanie's self-interest. c. rational if Melanie has not missed any other classes. d. rational if Melanie values sleep more highly than the benefit she expects to receive from attending the class.
If Franco's Pizza Parlor knows that the marginal cost of the 500th pizza is $3.50 and that the average total cost of making 499 pizzas is $3.30, then
a. average total costs are rising at Q = 500. b. average total costs are falling at Q = 500. c. total costs are falling at Q = 500. d. average variable costs must be falling.
Which is the correct way to calculate the unemployment rate?
a. [(unemployed)/(labor force)] x 100 b. [(labor force)/(unemployed)] x 100 c. [(labor force)/(population)] x 100 d. [(unemployed)/(population)] x 100