When a good is excludable:
A. one person's consumption prevents or decreases others' ability to consume it.
B. it is possible for sellers to prevent its use by those who have not paid for it.
C. consumers have a perception of scarcity of that good.
D. the government has specific import policies limiting its supply.
B. it is possible for sellers to prevent its use by those who have not paid for it.
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In the short-run, any fall in EP /P, regardless of its causes, will cause
A) an upward shift in the aggregate demand function and an expansion of output. B) an upward shift in the aggregate demand function and a reduction in output. C) a downward shift in the aggregate demand function and an expansion of output. D) an downward shift in the aggregate demand function and a reduction in output. E) an upward shift in the aggregate demand function but leaves output intact.
China and India both have rapidly developing economies. Which of the following characteristics is shared by India and China?
A. Both have embraced free-market economies. B. Both have high literacy rates. C. Property rights are well established in both countries. D. Both are democratic countries.
When secondary market buyers and sellers of securities meet in one central location to conduct trades the market is called a(n)
A) exchange. B) over-the-counter market. C) common market. D) barter market.
The cross-elasticity of labor with respect to capital is the
A. change in wages relative to a change in the price of capital. B. percent change in labor relative to a percent change in capital. C. percent change in wages relative to a percent change in the price of capital. D. percent change in labor relative to a percent change in the price of capital. E. change in labor relative to a change in capital.