If the consumption of a good by one person reduces its consumption by others, then the good is

A. nonrivalrous in consumption.
B. rivalrous in consumption.
C. nonexcludable.
D. excludable.
E. b and d

Answer: B

Economics

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A natural monopoly results when a firm has

a. a license b. a patent c. official approval to produce a product d. decreasing average costs over the range of market demand e. exclusive use of a natural resource

Economics

In Figure 5.8, if the supply curve moves from S1 to S3,

A. the firm will go from making an economic profit to a loss. B. the firm will make a smaller economic profit than they used to. C. the firm will go from making normal profits to a loss. D. the firm will go from making an economic profit to a normal profit.

Economics