Classifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.

Classifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 10QFR

See similar textbooks

Related questions

Q: A market consists of ten similar suppliers that are making the same supply decisions. To find the…

A: Market Supply Curve: It is the graphical representation of the summation of all individual Supply…

Q: 9. An increase in Demand = a decrease in Supply will lead to ..... 10. An increase in Demand = an…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: What is the term used to describe the situation where resources are allocated in a way that…

A: Market equilibrium refers to the point in a market where the quantity of a good or service supplied…

Q: The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and…

A: Marginal Benefits are referred to as the Maximum amount that a consumer would pay for an additional…

Q: Reading Quiz (Ch. 3) - ECON-230 x le/content/1230937/viewContent/19935379/View = (Ch. 3) Time…

A: Please find the answer below. MARKET: The market is a means by which the exchange of goods and…

Q: 9. When Adam Smith talked about "the invisible hand" he argued that: a. High transaction costs…

A: In his book "The Wealth of Nations," Adam Smith utilized the metaphor of the "invisible hand" to…

Q: A firm using a two-part tariff faces a tradeoff because Group of answer choices a. the only way to…

A: Two part tariff would involve trade off between consumer surplus and producer surplus.

Q: Why is equilibrium the best guideline for pricing a product? A. It is the best way to set the price…

A: Every firm in the market operates to maximise profit

Q: Which of the following is not a reason why the market outcomes maximizes total surplus? a. The…

A: Producer surplus: Producer surplus is the difference between the amount that producers are…

Q: The following table shows the willingness to pay for a good for the only four consumers in a market.…

A: The willingness to pay for the four consumers are provided below. ConsumersWillingness to…

Q: The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and…

A: Individual demand curve shows the amount of a good or a service an individual demands at the given…

Q: The X-Corporation produces a good (called X) that is a normal good. Its competitor, Y-Corporation,…

A: As per the guidelines we are allowed to answer the first three sub parts only. Please post the…

Q: When the price is above the equilibrium, how do market forces move the market price to equilibrium.…

A: Equilibrium is a state of equality between quantity demanded and quantity supplied.

Q: The X-Corporation produces a good (called X) that is a normal good. Its competitor, Y-Corp., makes a…

A: Goods for an individual can be a normal good or an inferior good. Normal goods can be necessary…

Q: Sofia, a political science student, thinks that the government should in reasons, can resolve the…

A: Coordination Problem:A coordination problem refers to a situation where individuals or agents in a…

Q: 250 200 Kyoko Jacques 3, 125 150 Eleanor 100 Damell Beth Andrew QUANTITY (Used smartphones) PRICE…

A: Consumer Surplus = Area above price and below the demand curve Producer Surplus = Area below price…

Q: The price of butter rises, causing the demand for another good to fall.this implies that the good…

A: The objective of the question is to understand the relationship between the price of one good and…

Q: 5. In the banana market: The FDA announces research results which suggest that cating 5 lbs of…

A: The economies around the globe tend to have a limit to the amount of resources which it have. The…

Q: Suppose there are 11 buyers and 11 sellers, each willing to buy or sell one unit of a good, with…

A: A fully competitive market is one where there are many buyers and sellers of a given commodity,…

Q: An increase in consumer income will cause a decrease in the demand for an inferior good. A.True…

A: The demand refers to the quantity of goods that a consumer is able and willing to purchase at a…

Q: It’s increasingly clear that many postings on blogs and product reviews on Web sites are fake or are…

A: Information asymmetry refers to the phenomenon in which one of the two, or more parties involved in…

Q: Look at the tables below. Person Bob Barb Bill Bart Brent Betty Maximum Price Willing to Pay $17 14…

A: Total Surplus: Total surplus, also known as consumer surplus, also known as consumer surplus, also…

Q: Suppose the market for hats is competitive, with many small producers of hats, each of them unable…

A: Since the question you have posted consists of multiple parts, we will answer the first three parts…

Q: A city passes a law that automobile prices may not increase. The auto market is currently in…

A: Allocative efficiency is an economic term that describes an efficient market where all goods and…

Q: What is price gouging

A: Price gouging refers to the economic practice where firm or seller tends to charge higher price for…

Question

Classifying a good as rival means

that the good is produced in a competitive market.

anyone who does not pay for the good cannot consume it.

that there is a shortage of the good.

that when one person consumes a unit of the good no one else can consume it.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

A ....... is defined as being comprised of individuals or organizations that are interested and willing to buy a good or service to obtain benefits that will satisfy a particular need 1. A or want and who have the resources to engage in such a transaction. Select one: O a. market O b. marketing channel O c. firm O d. industry
When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.
Why is equilibrium the best guideline for pricing a product? A. It is the best way to set the price without knowing the market demand. B. It is the only way to know for certain that you will not end up with a surplus of product. C. It is a number-based agreement between customer and producer to set price versus demand.
1. In Town A there is only one newspaper, Daily Outrage. The demand for the paper depends on the price and the amount of scandal reported. The demand function is Q = 15SP-3 where Q is the number of issues sold per day, S is the number of column inches of scandal reported in the paper, and P is the price. Scandals are not a scarce commodity in town A, but it takes resources to write, edit, and print stories of scandal. The cost of reporting S units of scandal is £10S and is independent of the number of papers sold. In addition, the cost to print and deliver the paper is £0.10 per copy and is independent of the amount of scandal reported in the paper. (a) Calculate the price elasticity of demand. Explain whether the price elasticity depends on the amount of scandal reported and whether the price elasticity is constant over all prices. Comment on the price sensitivity of the readers of the Daily Outrage. (b) Calculate the profit maximising price using the formula that writes marginal…
Which of the following explains why a seller might charge a high price when a new video game console is first released and then lower the price as time goes by? Select one: a. The buyers want to buy the new video game console only if the price is high because a high price signals good quality. b. The seller wants to test the market to see how consumers react to the product. c. The seller has to sell the newly released video game console at the government-mandated price. d. The seller can charge a high price to consumers who want to be the first ones to own a newly released product.
Suppose the market for hats is competitive, with many small producers of hats, each of them unable to affect the market price of hats, and many consumers. And suppose there is an increase in the demand for hats. (a) How would an increase in demand affect the demand curve and supply curve for hats; and how would it change the equilibrium price and quantity of hats sold? (b) The Core Economics text observes that "price-taking is no longer a “Nash equilibrium". What is a “Nash equilibrium"? And why is price-taking no longer one? (c) When the market is not in equilibrium, it is said that the short side of the market dominates. What does this mean? (d) What are "economic rents"? How does "rent seeking" enter the process of price adjustment? (e) In what ways might the market for hats differ from "the labour market"?
There are four consumers willing to pay the amounts for following haircuts:Gloria:$35 Jay:$10 Claire:$40 Phil:$25.There are four haircutting businesses with the following cost:FirmA:$15FirmB:$30FirmC:$20FirmD:$10.Each firm has the capacity to produce only one haircut.To achieve efficiency,how many haircuts should be given?Which businesses should cut hair and which consumers should have their hair cut?How large the maimum total surplus?
why is competition good for the consumer from an economics perspective
What is the term used to describe the situation where resources are allocated in a way that maximizes total surplus? A. Pareto efficiency B. Market equilibrium C. Social welfare D. Deadweight loss
When goods are called homogenous. What does this actually means?
When does inefficiency exist in an economy? when a good is distributed fairly among buyers when a good is not distributed fairly among buyers when a good is not being produced by the lowest-cost producers when a good is being consumed by buyers who value it most highly
Why does equilibrium in a market tend to be stable? a. It doesn’t. Observed stability is largely the result of custom, but markets are inherently chaotic. b. Almost all markets are de facto monopolies. Monopolists rarely change prices so as not to alert consumers to the possibility of buying goods more cheaply. c. Government regulations ensure that prices can only change slowly, so that an equilibrium price appears stable in the short run. d. When the price deviates from the equilibrium price, surpluses or shortages occur. As market participants act to be better off, they drive the market back to equilibrium.