If the consumption of good by one person does not reduce the quantity available by others and nobody can be easily excluded from consumption, we are referring to a ?

Related Mcqs:

The law of demand states that an increases in the price of a good ?

A. None of these answers B. decreases the quantity supplied of that good C. decreases the quantity demanded for that good D. increases the quantity supplied of that good...

A shift in supply will have more effect on price than quantity if ?

A. The price elasticity of supply is – 3 B. The price elasticity of supply is – 0.2 C. The price elasticity of supply is – 2 D. The price elasticity of supply is infinity...

A natural monopoly has a declining _______ over a large range of output?

A. long run marginal cost B. short run marginal cost C. long run average cost D. long run marginal cost...

The social costs of monopoly power arises because ?

A. marginal cost is set equal to marginal revenue B. price is less than marginal cost C. marginal consumer benefit is less than marginal revenue D. there is too little output at too high a cost...

The price mechanism cannot ?

A. Act as a signal B. Act as a incentive C. Act as a rationing device D. shift the demand curve...