What does it mean for a good to be nonexcludable?
What will be an ideal response?
A good is nonexcludable if no one can be excluded from enjoying its benefits once it is produced.
Economics
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Which of the following holds that economic decision making on all levels is unbiased and is based on all available information?
A) adaptive expectations based theory B) rational expectations based theory C) Keynesian cycle theory D) none of the above
Economics
The returns to scale in the production function Y = K0.5 L0.5 are:
A. decreasing. B. constant. C. increasing. D. subject to wide fluctuations.
Economics