An industry with a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is:

The good for which neither the principle of mutual excludability nor the principle of rivalry applies is referred to as a:

a. public good. b. commons good. c. club good. d. normal good. e. private good.

A proportional tax is a tax whose rate increases as the tax base widens

a. True b. False Indicate whether the statement is true or false