A good is nonrivalrous in consumption if
A. its consumption by one person does not reduce its consumption by others.
B. its consumption by one person reduces its consumption by others.
C. it is possible, or not prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced.
D. it is impossible, or prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced.
E. a and d
Answer: A
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Economic efficiency requires that a natural monopoly's price be
A) equal to average total cost where it intersects the demand curve. B) equal to marginal cost where it intersects the demand curve. C) equal to average variable cost where it intersects the demand curve. D) equal to the lowest price the firm can charge and still make a normal profit.
If the price of milk was $1.25 a gallon and it is now $2.25 a gallon, what is the percentage change in price?
A) 4.4 percent B) 8 percent C) 44 percent D) 80 percent