Goods that are nonrival and nonexcludable are called
A) external goods.
B) public goods.
C) private goods.
D) free goods.
B
Economics
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The total of all planned real expenditures in the economy is called
A) aggregate consumption. B) aggregate demand. C) aggregate spending. D) aggregate GDP.
Economics
The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then
A) the market is in equilibrium. B) there is a shortage and the price of t-shirts will rise. C) there is a shortage and the price of t-shirts will fall. D) there is a surplus and the price of t-shirts will fall. E) there is a surplus and the price of t-shirts will rise.
Economics