A common resource is nonrival but excludable
Indicate whether the statement is true or false
FALSE
Economics
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Normal goods are those for which demand decreases as
A) the price of a complement falls. B) the price of a substitute falls. C) income decreases. D) the good's own price rises.
Economics
If a positive externality exists, __________ in order for the socially optimal output to be reached.
A. supply needs to decrease B. demand needs to increase C. demand needs to decrease D. a and c E. none of the above
Economics
What is a circular flow diagram and what does it demonstrate?
What will be an ideal response?
Economics
What does it mean for a country to have a comparative advantage in producing a product?
What will be an ideal response?
Economics