When a good ends up over consumed and depleted, we can assume it is a:
A. common resource.
B. private good.
C. public good.
D. scarce good.
A. common resource.
You might also like to view...
According to the economic way of thinking, alcohol prohibition in the U.S
A) effectively destroyed peoples' incentives to produce and drink liquor. B) abolished the supply and demand process in liquor. C) led to a surge in prices and considerable profit opportunities for people willing to break the law. D) failed to make liquor truly illegal.
Other things being equal, the more elastic demand is: a. the lower the deadweight loss is resulting from the imposition of a particular tax on a product. b. the greater the deadweight loss is resulting from the imposition of a particular tax on a product. c. the greater the fraction is of the burden of the tax borne by consumers
d. the greater the tax revenue collected by the government is.
The short-run aggregate supply curve ______.
a. slopes upward b. is perfectly vertical c. slopes downward d. is perfectly horizontal
If a monopolist claims his profit-maximizing markup factor is 3, what is the corresponding price elasticity of demand?
A. ?2.5. B. ?3.0. C. ?2.0. D. ?1.5.