Bob owns 5 acres of land. Bob sells the land to a real estate developer who builds a subdivision with 10 houses. The land is an example of a good that is
a. both rival in consumption and excludable.
b. neither rival in consumption nor excludable.
c. excludable, but not rival in consumption.
d. rival in consumption, but not excludable.
a
Economics
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A competitive market is one:
A) that operates with little or no government control. B) where almost all exchanges take place involuntarily. C) that has price controls imposed by a ruling authority. D) where determination of equilibrium quantity need not rely on the forces of demand and supply.
Economics
A firm is currently selling its output for $10 per unit and is producing where marginal revenue equals marginal cost at an output level of 100 units
If the firm's total variable costs are $900 and its fixed costs are $300 should it produce in the short run or shut down?
Economics