A good that is both nonexcludable and nonrival-in-consumption is called a
a. common good.
b. external good.
c. public good.
d. private good.
C
Economics
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Explain why a firm's long-run total cost is no greater than its short-run total cost. Under what circumstances will the two be equal?
What will be an ideal response?
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The monetarist transmission mechanism through which monetary policy affects the price level, real GDP, and employment depends on the
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If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:
A. $50,000. B. $30,000. C. $15,000. D. $60,000.
Economics
For a perfectly competitive firm, any price below its minimum AVC is a
A) market price. B) shutdown price. C) profit maximizing price. D) negative price.
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