Cookies would be considered:
A. a public good.
B. an artificially scarce good.
C. a private good.
D. a common resource.
Answer: C
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Refer to Table 12.1. Assuming the inflation rate forecast to be accurate, which nation has the lowest real rate of return?
A) Japan B) Australia C) the United States D) South Africa
Which of the four types of economic decision makers is most important?
a. firms, because they produce all goods and services in the economy b. households, because they demand goods and services and supply resources c. government, because it ultimately sets and enforces the "rules of the game" d. government, because it steps in when there is market failure e. the rest of the world, because there are over 150 countries
"A perfectly competitive firm is called a price maker because all the firms together must make the market price." Is the previous statement correct or incorrect? Briefly explain your answer
What will be an ideal response?
If all inputs are raised by equal percentages and output increases by a larger percentage, there are decreasing returns to scale
Indicate whether the statement is true or false