A nonrival good is a good that
a. is produced by a monopoly
b. is produced by a cartel.
c. can provide benefits to additional users at a zero marginal cost.
d. is sold in a single market.
c
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What effect would an increase in the price of pork have on the demand for beef?
A) It would decrease the demand for beef. B) It would decrease the demand for beef only if the demand for beef is elastic. C) It would increase the demand for beef. D) It would increase the demand for beef only if the demand for beef is inelastic. E) It would have no effect, because a change in price affects only the quantity demanded, not the demand.
Real money demand in the economy is given by
L = 0.3Y - 600i, where Y is real income and i is the nominal interest rate. In equilibrium, real money demand L equals real money supply M/P. Suppose that Y equals 2000 and the real interest rate is 5%. (a) At what rate of inflation is seignorage maximized? (b) What is the maximum amount of seignorage revenue?
The Phillips curve appeared to fit the data well for the United States in the
A) 1960s. B) 1970s. C) 1980s. D) 1990s.
Total revenue falls as the price of a good increases if price elasticity of demand is
a. Perfectly elastic b. Inelastic c. Unitary elastic d. Elastic