Because it is
a. neither excludable nor rival in consumption, a tornado siren is a common resource.
b. neither excludable nor rival in consumption, a tornado siren is a public good.
c. excludable but not rival in consumption, a tornado siren is a club good.
d. rival in consumption but not excludable, a tornado siren is a common resource.
b
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The "fair rules" view of fairness is based on
A) income transfers from the rich to the poor. B) property rights and voluntary exchange. C) utilitarianism. D) the big tradeoff. E) allocating resources using majority rule.
A teenaged babysitter is similar to a firm in a perfectly competitive industry in that, for both
A) average costs of production do not change when their industry expands. B) fixed costs are lower than variable costs. C) there are many other suppliers of similar goods or services. D) the implicit costs of production exceed the explicit costs of production.