If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's AVC equal to

Economists are often concerned with the free-rider problem

a. What is meant by free riding? Explain with an example. b. Are public parks subject to the free-rider problem? What about keeping city streets clean? Explain your answer.

The value of a producer's output minus the value of the inputs it purchases from other producers is called the producer's

A) surplus. B) profit. C) value added. D) gross product.