An example of a good that is nonexcludable is:

A. cable TV.
B. a computer.
C. a published scientific discovery.
D. a concert.


Answer: C

Economics

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Which one of the following is true of a market for used cars?

A. A consumer typically overestimates the probability of getting a lemon (low-quality car). B. As buyers become more pessimistic about their chances of buying a high-quality car, the price of used cars (both low-quality and high-quality) decreases. C. There is a public information problem. D. The willingness to pay is less than the willingness to accept.

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Transaction costs are

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