A public good is
A) a good that is rivalrous and nonexcludable. B) a good that is rivalrous and excludable.
C) a good that is nonrivalrous and excludable. D) a good that is nonrivalrous and nonexcludable.
D
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Which alteration of the assumptions behind the Bertrand model can help avoid the Bertrand Paradox (that an outcome resembling perfect competition may arise with even as few as two firms)?
a. assume firms have limited capacities. b. assume firms produce differentiated rather than homogeneous products. c. assume firms play repeatedly and thus may collude. d. all of the above.
Money almost always serves as the standard unit for quoting prices. This is another way of saying money serves as a: a. medium of exchange. b. store of value
c. standard of value. d. commodity itself.