Which of the following is NOT a characteristic of a private good?
a. rivalry in consumption
b. benefits of consumption are nonexcludable
c. consumption of the good precludes consumption by another individual
d. the benefits to a consumer of consuming the good are exclusive to that individual
b. benefits of consumption are nonexcludable
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Richard Causey, former chief accounting officer for Enron, pleaded guilty to falsely reported costs for Enron that were ________ than they actually were, resulting in reported accounting profits for Enron that were ________ than their actual level
The financial statements were falsified to mislead investors about the profitability of the firm. A) lower; higher B) lower; lower C) higher; lower D) higher; higher
At the optimum combination of two inputs,
A) the slopes of the isoquant and isocost curves are equal. B) costs are minimized for the production of a given output. C) the marginal rate of technical substitution equals the ratio of input prices. D) all of the above E) A and C only