Which of the following is rival and excludable?
A) a public good
B) a natural monopoly
C) a private good
D) a common resource
C
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The extra benefit resulting from a small increase in an activity is called the
A) opportunity cost. B) marginal benefit. C) diminishing returns of the activity. D) marginal cost.
By definition, a government-sponsored good
A) is a good that is deemed socially desirable. B) is a good that should be available only to upper-income groups. C) is always provided at a zero price. D) does not affect society's general welfare.
.Greg, a U.S. citizen, works only in Canada. Where is the value that his labor contributes to put in national income accounting?
What will be an ideal response?
These are the cost and revenue curves associated with a monopolistically competitive firm.
According to the graph shown, area A represents:
A. profits earned in the short and long run. B. profits earned in the short run. C. consumer surplus. D. profits earned in the long run.