In contrast to private goods, public goods such as public radio are such that one person's consumption ________ diminish the amount available to others, and those who supply the public good ________ exclude those who do not pay

Economic rents are typically counted as:

A) accounting costs but not economic costs. B) accounting and economic costs. C) economic costs but not accounting costs. D) none of the above

Which of the following observations would be consistent with the imposition of a binding price ceiling on a market? After the price ceiling becomes effective,

a. a smaller quantity of the good is bought and sold. b. a smaller quantity of the good is demanded. c. a larger quantity of the good is supplied. d. the price rises above the previous equilibrium.