Because it is
a. neither excludable nor rival in consumption, a tornado siren is a common resource.
b. neither excludable nor rival in consumption, a tornado siren is a public good.
c. excludable but not rival in consumption, a tornado siren is a club good.
d. rival in consumption but not excludable, a tornado siren is a common resource.
b
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Which of the following factors will help determine how the costs of social regulation are split between consumers and producers?
a. The price elasticities of demand and supply b. The quantity produced by the firm c. The average total costs of the firm before regulation d. The number of consumers in the market e. The number of producers in the market
Which of the following would most likely cause a government to impose a price ceiling?
a. rapid inflation b. low unemployment c. declining prices d. shortages of goods
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
The marginal revenue product of an economic resource for a firm operating in purely competitive product and resource markets:
A. Is the marginal product of the resource divided by the price of the final product B. Is the increase in total revenue resulting from the addition of one more unit of the resource C. Is equal to the average revenue product at the lowest point of the average revenue product curve D. Decreases as the quantity of output decreases