A good or service that is both rival and excludable is a:
A. public good.
B. commons good.
C. collective good.
D. private good.
Answer: D
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A firm's average total cost is $80, its average variable cost is $75, and its output is 50 units. Its total fixed cost is
A) less than $100. B) between $100 and $200. C) between $200 and $300. D) more than $300.
If a resource is purchased and sold in a perfectly competitive market:
a. there are a large number of resource suppliers and the resources are identical. b. there is a single buyer of resource and the resources are identical. c. there is a single buyer of resource and the resources are differentiated. d. there are a large number of resource suppliers and the resources are differentiated. e. there are a large number of resource suppliers and there is no entry or exit.