A characteristic of a public good is
A. clear property rights.
B. rival consumption.
C. the exclusion principle.
D. the free-rider problem.
Answer: D
Economics
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Why might a business owner keep their business open but let it deteriorate, rather than shut it down? Will this profitability last?
What will be an ideal response?
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A competitive (price-taking) firm will produce so long as its economic profit is sufficiently above zero to enable the firm to pay the owners of the firm for their time and effort.
Answer the following statement true (T) or false (F)
Economics