What is a free rider?
a) a person who will only purchase a product on sale
b) a person who receives a benefit of a good but avoids paying for it
c) a person who can produce a good at no extra cost
d) a person who takes advantage of tax loopholes to lower his taxes
Ans: b) a person who receives a benefit of a good but avoids paying for it
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The difference between exports and imports of goods is the
A) balance of trade. B) balance of payments. C) balance of accounts. D) balance of paying.
In a 20-firm industry, two of the smallest firms merge. Yet the 4-firm concentration ratio and the 8-firm concentration ratio did not change. All things considered, we can say that the industry has
A. moved farther away from competition because the number of firms decreased. B. moved closer to pure competition because the number of firms decreased. C. experienced no change in competition even though the number of firms decreased. D. to be identified first; otherwise there is no way to tell.