Computer software is an example of a good that is
a. both nonexcludable and nonrivalrous.
b. nonexcludable, but not nonrivalrous.
c. nonrivalrous, but not nonexcludable.
d. a pure private good.
c. nonrivalrous, but not nonexcludable.
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To evaluate the potential impact of changes to its SUV business, Ford Motor Company would use:
A) normative economic analysis. B) positive economic analysis. C) negative economic analysis. D) arbitrage analysis.
In constructing the monopolist's input demand curve, which of the statements is FALSE?
A) The demand curve has a negative slope due to the law of diminishing marginal product. B) Marginal revenue is always positive. C) A monopoly restricts output and hires fewer units of labor than a perfectly competitive firm. D) The supply curve a monopoly faces is horizontal because the monopoly is a price taker.