Nonrivalry is a feature of
A) goods but not services.
B) all nonexcludable goods.
C) excludable goods.
D) public goods.
D
Economics
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Gross domestic product does not measure
A) the sum of the value added by producers at each stage of the production process. B) the total income received by producers for the services they supply. C) the total purchases of newly-produced final goods. D) the total welfare of the noninstitutional population.
Economics
If the price elasticity of demand is 1.0, and a firm raises its price by 10 percent, the total revenue will
A. Rise by 10 percent. B. Rise by 100 percent. C. Not change. D. Fall by 10 percent.
Economics