If I increase my consumption of a good and this has no impact the quantity you can consume of the same good, then this good is
A) nonrival.
B) nonexclusive.
C) both nonrival and nonexclusive.
D) a free good.
A
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To incentivize R&D, the government proposes to take on a company's costs if its product does not succeed. This would lead to
a. The company developing a lot more products with a low risk of failure b. The company developing a lot more products with a high risk of failure c. The company developing no high risk products d. The company going bankrupt
Nick Lewis is a strict vegetarian and dislikes the sight and smell of meat products. He buys a raffle supporting the Josh Gottheil Memorial Fund for Lymphoma Research and wins the 3rd prize: a year's supply of hamburger meat. He is willing to trade with his meat-loving friends, and a trade ensues. This is because the
a. marginal utility of meat for them is positive and for Nick, it's negative b. total utility of meat for them and for Nick is positive c. MU/P of the goods his friends trade away is higher than their MU/P of meat d. MU/P of meat for Nick is higher than the MU/P of the goods he gets for the meat e. his friends have a negative total utility of meat, but wish to help Nick