Admission to Disney World is an example of a private good from which nonpaying individuals can be excluded
a. True
b. False
Indicate whether the statement is true or false
True
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How do a sole proprietorship and a corporation differ?
A) Proprietorships have unlimited liability while corporations have limited liability. B) Corporations face more taxes than do proprietorships. C) Corporations can issue stocks and bonds, while proprietorships cannot. D) All of these are differences between the two types of businesses.
The substitution effect of a price change is the change in consumption that results from the movement to a new indifference curve
a. True b. False Indicate whether the statement is true or false
Gwen has decided to start her own photography studio. To purchase the necessary equipment, Gwen withdrew $2,000 from her savings account, which was earning 3% interest, and borrowed an additional $4,000 from the bank at an interest rate of 7%. What is Gwen's annual opportunity cost of the financial capital that has been invested in the business?
a. $60 b. $280 c. $340 d. $660
A shortage exists in a market if
a. there is an excess supply of the good. b. quantity supplied exceeds quantity demanded. c. the current price is below its equilibrium price. d. All of the above are correct.