When describing goods and services, what is meant by the terms "rival" and "nonrival?" Are private goods rival or nonrival? Are public goods rival or nonrival? Are common resources rival or nonrival?
What will be an ideal response?
A good is rival if its use by one person decreases the quantity available for other people. A good is nonrival if its use by one person does not decrease the quantity available for other people. Private goods are rival. Public goods are nonrival. Common resources are rival.
Economics
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Recall the Application. The rise in commodity prices corresponded with ________ in interest rates, and this change in interest rates would result in bond prices ________
A) a decrease; falling B) an increase; falling C) an increase; rising D) a decrease; rising
Economics
How does the long-run supply curve differ from the short-run supply curve for a perfectly competitive firm? Explain your answer
What will be an ideal response?
Economics