It would always be a mistake to view
a. many species of animals as common resources.
b. a road as a public good.
c. national defense as a common resource.
d. a fireworks display as a public good.
c
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The average product of labor is equal to
A) total product divided by quantity of labor. B) change in total product divided by quantity of labor. C) total product divided by change in quantity of labor. D) change in total product divided by change in quantity of labor.
Refer to the diagram for the corn market. What effect will a price support of B have on the gross income of farmers?
A. Gross income will be unchanged, although profits will rise.
B. Gross income will increase from 0MFG to 0BKL.
C. Gross income will increase from 0AJH to 0BCG.
D. Gross income will decrease from 0BCG to 0BKL.