Which of the following displays these two characteristics: nonrivalry and nonexcludability?
A) a pure private good
B) a pure public good
C) a club good
D) a common pool resource
B
Economics
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When economists say the quantity supplied of a product has decreased, they mean the:
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
Economics
In a competitive labor market, if the demand for labor decreases, labor demand will shift to the:
A. right and wages will increase. B. left and wages will increase. C. right and wages will decrease. D. left and wages will decrease.
Economics