A free good is:
A) also a scarce good.
B) a relatively abundant good.
C) a good with no opportunity cost.
D) a good with relatively low opportunity cost.
Answer: C) a good with no opportunity cost.
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Empirical support for the Heckscher-Ohlin model was weakest when the study applied
A) all of the assumptions of the model. B) all of the assumptions of the model except that regarding technology. C) all of the assumptions of the model except those regarding technology, goods and shipping costs. D) all of the assumptions of the model except those regarding technology, shipping costs and gravity. E) all of the assumptions of the model except those regarding shipping costs.
When Crest claims that its toothpaste product whitens teeth more than the products of its competitors, Crest is practicing
A) product differentiation. B) false advertising. C) marginal revenue pricing. D) marginal cost pricing.