In the figure above, assuming that the firm does not shut down, the firm will produce

The costs incurred even when no output is produced are called

A) fixed costs. B) variable costs. C) external costs. D) marginal costs.

If the consumption of a good by one person reduces the amount of it that can be consumed by others, the good is

A. excludable. B. nonexcludable. C. rivalrous in consumption. D. nonrivalrous in consumption.