What does it mean for a good to be "nonexcludable"? Are private goods nonexcludable? Are public goods nonexcludable? Are common resources nonexcludable?
What will be an ideal response?
A good is nonexcludable if everyone benefits from it regardless of whether they pay for it. Private goods are excludable, not nonexcludable. Public goods are nonexcludable. Common resources are nonexcludable.
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Any change that causes an increase in the demand for labor at a given wage rate will be represented by a(n) ________, assuming all else equal
A) rightward shift of the labor demand curve B) leftward shift in the labor demand curve C) downward movement along the labor demand curve D) upward movement along the labor demand curve
The above figure shows the demand curve for movie rentals from Redbox. If Redbox lowered its price from $2.00 to $1.50, then total revenue would ________ because demand is ________
A) decrease; elastic B) increase; elastic C) decrease; inelastic D) increase; inelastic