What are common resources?
a) both rival in consumption and nonexcludable
b) both rival in consumption and excludable
c) both nonrival in consumption and excludable
d) both nonrival in consumption and nonexcludable
Ans: a) both rival in consumption and nonexcludable
Economics
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Sellers in a perfectly competitive market:
A) are price takers. B) sell differentiated goods and services. C) are not allowed to exit the market. D) are small in number.
Economics
The fact that the production function relating output to labor becomes flatter as we move from left to right means that
A) the marginal product of labor is positive. B) the marginal product of capital is positive. C) there is diminishing marginal productivity of labor. D) there is diminishing marginal productivity of capital.
Economics