A burger bought by Joey from a restaurant is non-rival in consumption
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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The goal of the perfectly competitive firm is to
A) maximize total revenue. B) maximize total profits. C) minimize AFC. D) minimize ATC.
Economics
According to the hypothetical economy in Figure 5.1, between 1960 and 1970 real GDP declined but nominal GDP continued to rise. The increase in nominal GDP was due to
A. An increase in the standard of living. B. A decrease in the price level. C. An increase in the quantity of output produced. D. An increase in the price level greater than the decrease in output, causing the nominal dollar value of output produced to increase.
Economics