Goods that are both non-excludable and non-rival are referred to as _____

A country can gain by importing a good from abroad even if that good can be produced more efficiently at home. Is this statement true?

What will be an ideal response?

Use the figure below to answer the following question.The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate period, the short run, and the long run. On the basis of this illustration, we can conclude that

A. the amount of time producers have to adjust to a change in demand is not a determinant of the elasticity of supply. B. supply is relatively more inelastic the greater the amount of time producers have to adjust to a change in demand. C. short-run adjustments are more economically efficient than are long-run adjustments. D. supply is relatively more elastic the greater the amount of time producers have to adjust to a change in demand.