State whether each of the following goods is nonrival, nonexcludable, or both:
a. a botanical garden
b. a public beach
c. a congested interstate highway
d. a toll bridge
e. street lights
a. nonrival (and nonexcludable if admission does not require the purchase of a ticket)
b. both
c. nonexcludable
d. nonrival
e. both
Economics
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Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
A) microeconomics. B) social interest versus self-interest. C) macroeconomics. D) why to produce. E) scarcity.
Economics
Refer to Table 17-1. Suppose the output price is $3. If the firm represented in the table is maximizing its profit by hiring six workers, what is the wage rate?
A) $120 B) $65 C) $40 D) There is insufficient information to answer the question.
Economics