Privatizing a commons gives the person who owns it an incentive to
A) exploit the resource until it is depleted.
B) restrict it from being used at all.
C) manage it carefully.
D) make it available to everyone without restriction.
C
Economics
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Suppose the price elasticity of demand for oil is 0.1. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by
A) 200 percent. B) 20 percent. C) 2 percent. D) 0.2 percent.
Economics
Which of the following is not a type of "lock-in" that acts as a barrier to entry into a particular market?
A) Pricing at or below the average cost of production. B) Purchases of durable goods. C) Loyalty programs. D) Specialized suppliers.
Economics