A good is nonexcludable if the benefits derived from consuming it cannot be easily denied to those who do not purchase it
a. True
b. False
A
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In which of the following markets are external benefits most likely to exist?
A) in the market for gasoline B) in the market for ball pens C) in the market for flu shots D) in the market for cigarettes
The law of diminishing marginal utility is the principle that the marginal utility curve ____ as people consume more of a product in a given period
a. rises. b. falls. c. remains unchanged. d. first falls and then rises.
If a 10 percent decrease in the price of one good generates a 3 percent increase in the quantity demanded for another good, then the
a. two goods are complementary b. cross elasticity between the two goods is positive c. two goods are substitutes d. price elasticity of demand for the good whose quantity demanded increased must be inelastic e. price elasticity of demand for the good whose quantity demanded increased must be elastic
Discuss several of the hypotheses concerning the reduction in productivity growth in the mid-1970s
What will be an ideal response?