Under which of the following scenarios would a park be considered a common resource?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables.
b. Visitors to the park must pay an admittance fee and frequently all of the picnic tables are in use.
c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables.
d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.
d
Economics
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Refer to the diagram for a monopolistically competitive firm. Long-run equilibrium price will be:
A. above A.
B. EF.
C. A.
D. B.
Economics
If quantity demanded is greater at each price, we say that there has been
A. an increase in supply. B. an increase in demand. C. a decrease in supply. D. a decrease in demand.
Economics