$10 Units of a 100 Resource In Exhibit 11-2, total resource eamings at equilibrim equal A good that is rival but nonexclusive is called O 40 a private good O S60 a public good O $400 a quasi-private good O $1,000 an external good O $300 an open accens good Firms that face dowaward-sloping demand curves for their output are called O perfectly competitive O price taker O price searchers resource price takers O resource price searchers
$10 Units of a 100 Resource In Exhibit 11-2, total resource eamings at equilibrim equal A good that is rival but nonexclusive is called O 40 a private good O S60 a public good O $400 a quasi-private good O $1,000 an external good O $300 an open accens good Firms that face dowaward-sloping demand curves for their output are called O perfectly competitive O price taker O price searchers resource price takers O resource price searchers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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HELP WITH ALL 4 QUESTIONS PLEASE
Transcribed Image Text:$10
Units of a
Resource
100
In Exhibit 11-2, total resource earnings at equilibrium equal
A good that is rival but nonexclusive is called
O $40
O a private good
$60
a public good
O $400
a quasi-private good
O $1,000
an external good
O $300
an open access good
Firms that face downward-saloping demand curves for their
output are called
perfectly competitive
price taker
price searchers
resource price takers
resource price searchers
A change in demand for a resource can be caused by
O proportion of economic rent in the total earnings of the
resource
opportunity cost of the resource
price of the resource
O achange in the number of firms producing the final
product
ease with which resources can be put to alternative uses
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