An example of an excludable good or service is:
A. national defense.
B. a public park.
C. ice cream.
D. air.
C. ice cream.
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The market structures known for underproduction of goods are ______ and ______.
a. collusive oligopoly and perfect competition b. game theory and monopoly c. collusive oligopoly and monopoly d. cartels and perfect competition
The income elasticity of demand is (mathematically)
A. the percentage change in the portion of a person's budget that they will spend on a good divided by the percentage change in income. B. the percentage change in quantity demanded divided by the percentage change in income. C. the percentage change in income divided by the percentage change in price. D. the percentage change in quantity demanded divided by the percentage change in price.
Company B has just discovered that the marginal revenue product generated by the last worker hired was $25 while the marginal factor cost was $25. What should Company B do?
A) Leave the level of production unchanged. B) Increase the amount produced. C) Reduce the amount produced. D) Collect more information before making a decision.
Economic incentives can come from
A. taxes. B. markets. C. government programs. D. all of the options are correct.