Which two types of goods are rival in consumption?
Private goods and common resources are rival in consumption.
Economics
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Suppose Raul has budgeted $100 of his monthly income towards two good: t-shirts and jeans. If the price of a pair of jeans is $20 and last month he spent his $100 on a bundle containing 2 pairs of jeans and 12 t-shirts, which of the following is another point on Raul's budget line?
a. 3 pairs of jeans and 16 t-shirts b. 1 pair of jeans and 15 t-shirts c. 3 pairs of jeans and 6 t-shirts d. 0 pairs of jeans and 20 t-shirts
Economics
Figure 11-2 ? Using the information in Figure 11-2, which point or points represents an inefficient allocation of resources?
A. A B. B C. A and D D. D
Economics