Physical objects are rival in the sense that ________
A) they are necessarily in opposition to one another
B) they are nontrivial
C) when they are used in one activity, they cannot be used in another
D) some countries possess natural resources, e.g. oil, while some do not
C
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Suppose a consumer's income increases from $30,000 to $36,000. As a result, the consumer increases her purchases of compact disks (CDs) from 25 CDs to 30 CDs. What is the consumer's income elasticity of demand for CDs?
A) 0.5 B) 1.0 C) 1.5 D) 2.0
Which of the following is an example of a producer taking advantage of economies of scope?
a. A farmer buys more land so he can produce more soybeans. b. GM closes a Chevy truck plant in response to a decline in the demand for trucks. c. Disney World stays open later to serve more customers per day. d. A dairy farmer produces cow's milk and butter. e. A mouthwash firm expands production by improving management efficiency.