A view of a spectacular sunset on a beach is ________
A) a rival and excludable good
B) an excludable good
C) a non-rival good
D) a rival but non-excludable good
C
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An individual pays $100 every month as rent for an apartment, and his monthly opportunity cost of commuting from the apartment to his place of work is $40. Which of the following statements is then true?
A) The direct cost of renting the apartment is $140. B) The indirect cost of renting the apartment is $140. C) The direct cost of renting the apartment is $40, whereas the indirect cost of renting the apartment is $100. D) The direct cost of renting the apartment is $100, whereas the indirect cost of renting the apartment is $40.
Let D= demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the market for walnuts if the Centers for Disease Control and Prevention announces that consuming a half cup of walnuts each week helps to lower levels of bad
cholesterol? A) D increases, S no change, P and Q increase. B) S increases, D no change, P decreases, Q increases. C) D and S increase, P and Q decrease. D) D no change, S increases, P decreases, Q decreases.