When there is a recession (a fall in output) and prices are increasing, and this situation is caused by adverse supply shocks, the term economists use to describe it is

Which of the following is an example of a product that is nonexcludable and rival?

A) a motorcycle B) the court system C) Western lowland gorillas D) a NASCAR event

Refer to Figure 4-3. If the market price is $3.00, what is the consumer surplus on the first ice cream cone?

A) $0.50 B) $1.00 C) $5.50 D) $9.00