1)Which of the following will result in the most deadweight loss? A.a natural monopoly regulated with...
1)Which of the following will result in the most deadweight loss?
A.a natural monopoly regulated with average cost pricing
B.a natural monopoly regulated with average variable cost pricing
C.an unregulated natural monopoly
D.a natural monopoly regulated with marginal cost pricing
2)A good or service or a resource is nonexcludable if
A.it is not possible to prevent someone from benefiting from it.
B.it is possible to prevent someone from enjoying its benefits.
C.its use by one person decreases the quantity available for someone else.
D.its use by one person does not decrease the quantity available for someone else.
3)
For a good to be nonrival, then
A.one person's consumption of that good does not decrease another person's consumption of that good.
B.a person is not willing to pay for the good because even without paying for it, the person can consume the good anyway.
C.a person is willing to pay any price to ensure that the product is available.
D.a person cannot be prevented from consuming that good even if he or she did not pay for it.
4)
If the consumption of Good A by one person does not decrease the amount of Good A available for another person's consumption, then the good is said to be
A.
nonexcludable.
B.
excludable.
C.
nonrival.
D.
rival.
5)
Food is an example of a ________ good.
A.
nonrival and nonexcludable
B.
rival and nonexcludable
C.
rival and excludable
D.
nonrival and excludable
6)
Public goods are those for which
A.
individuals who do not pay can be excluded from consuming the good.
B.
no external costs exist.
C.
individuals who do not pay cannot be excluded from consuming the good.
D.
external costs exist.
Homework Answers
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