When a good is rival, Group of answer choices one person's use of the good diminishes another person's ability to use it. people can be prevented from using the good. more than one person can use the good at the same time with no effect on enjoyment. everyone will be excluded from using the good.

When a good is rival, Group of answer choices one person's use of the good diminishes another person's ability to use it. people can be prevented from using the good. more than one person can use the good at the same time with no effect on enjoyment. everyone will be excluded from using the good.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 4PA

See similar textbooks

Related questions

Q: I was hoping to get the underlined questions answered as the other ones have already been…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first three sub-part…

Q: In what ways is transnational or cross-border organizing easier than it might have been, say, 100…

A: Business entities aim in making profit by expanding their market. In the process of finding new…

Q: How would you best describe the economic profit (or loss) at the profit maximizing quantity q* in…

A: Monopoly is the market where single seller the goods to the large number of buyers and charge higher…

Q: A small company produces organic cookies. When the price is $9.00 per dozen, the average daily sales…

A: TR=p*qTR=p*x (quantity is expressed in terms of x)TR=xpNow,TC=FC+VCTC=55+(0.70x) .....…

Q: QUESTION ONE Illustrate and fully discuss the derivation of the demand curve for a pertectly…

A: Introduction A horizontal line at the market price represents a perfectly competitive firm's demand…

Q: The question was not answered.

A: Answer: Given, Qd=25,000-5,000P+25MQs=240,000+5000P-2000P1Here the next year forecast of income will…

Q: An advertising campaign will cost $240,000 for planning and $36,000 in each of the next six years.…

A: Internal Rate of return refers to the rate at which discounted present value of the cash flow…

Q: Elaborate on FOUR or more of the challenges has overcomes by Malaysian government to success in…

A: Inflation Inflation in an economy refers to the increase in the general price level in the economy.…

Q: How would you best describe the economic profit (or loss) at the profit maximizing quantity q* in…

A: Monopolistic competition: - monopolistic market structure is the structure in which there is a large…

Q: Suppose that the government has a goal to reduce the demand for cigarettes in support of a health…

A: Introduction Demand refers to the amount of a commodity that a consumer is ready to buy at different…

Q: Indicate whether Net Capital Outflows (NCO) will increase (be positive) or decrease (be negative) in…

A: Disclaimer :- since you have asked a multipart question we only can solve first 3 subparts as per…

Q: Assuming imperfect capital mobility, analyze the effects of the following policy actions for both…

A: Answer a. Money supply and interest rates are inversely related. A larger money supply lowers market…

Q: How would you best describe the economic profit (or loss) at the profit maximizing quantity q* in…

A: Monopolistic competition: - monopolistic market structure is the structure in which there is a large…

Q: First cost, $ Annual cost, $ per year -33,000 -8,000 -51,000 -3,500

A: Annual Worth (AW) Analysis is characterized as the same uniform annual worth of all assessed…

Q: "The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of…

A: The consumer price index states as the weighted average market of services and goods by households.…

Q: 6. Producer surplus and price changes The following graph shows the supply curve for a group of…

A: Here, the given graph shows the minimum willingness to accept by different producers.

Q: Compare and contrast the views of neoclassical economists,environmental economists, and ecological…

A: Economic Growth Economic growth refers to the growth of the Production level in the economy. An…

Q: What led to the rise of japan's economy

A: Introduction Common attribute of Japan's macroeconomics the enormous social and economic boom that…

Q: 1. Wheat and the welfare consequences of trade: a. [Basic static analysis of trade] Construct a…

A: Trade is a fundamental monetary idea including the trading of labour and products, with remuneration…

Q: Illustrate with Example: According to law of diminishing marginal utility, as you consume more and…

A: Law of diminishing marginal utility:- As per the notion, a person utilizes more amount of a product,…

Q: Why do the unexpected inflation and output gap axes need to extend into the negative regions in the…

A: The Phillips curve is the curve which is used to explain the connection between unemployment rate…

Q: Which of the following services are provided by the federal government? Group of answer choices a…

A: Federal government provides various services to the people in return of their income tax and to…

Q: Profit per unit is the difference between O average revenue and marginal cost. average revenue and…

A: In a market, profit refers to the amount received by a firm after deducting all the expenses or cost…

Q: Question 8 If your wage increases from $10 per hour to $15 per hour, then your Group of answer…

A: Opportunity cost refers to the next best alternative forgone

Q: Question #2: Consider the accompanying cash flow series at an interest rate = 10%. What is the…

Q: a) What will happen to the equilibrium price and quantity of beef if the price of chickenfeed…

A: The measure that depicts the point where the demand and supply curvess tend to intersect each other…

Q: The use of a dollar bill to buy a concert ticket represents the function of money as a Omedium of…

A: The function of money: Medium of exchange: Money is accepted as a means of payment, it initiates the…

Q: Provide one example of an investment option for households. Then, analyze this option based on its…

A: Investment is the process of capital formation where a minimum amount is expected in return over…

Q: Parents investment. Job starting pay back Pay IM $=1000,000 40,000 Jeribd = ?

A: The period that depicts the length of time that is being taken for recovering the investment cost is…

Q: Which of the following goods is non-rival and non-excludable? a congested toll road a…

A: A good is a Nonrival good (based upon the consumption of the goods) if it is consumed by more than…

Q: Consider the diagram of the AE function and the 45" line to the right. a. Suppose the level of…

A: Aggregate expenditure is a sum of consumption spending, investment spending, government purchases…

Q: What are the arguments against international free trade and what policies does the government have…

A: International free trade basically refers to the trade between various nations or countries freely,…

Q: Economics Suppose that at date 1 the distribution of income is (1, 2, 3), while later, at date 2, it…

A: Income Inequality refers to the unequal distribution of income among the individuals of an economy.…

Q: A Singapore's demand for China's imports will shift up by 10%, leading to a new equilibrium at point…

A: RMB stands for Chinese Yuan SGD stands for Singapore dollar. Current exchange rate is SGD / RMB =…

Q: A motor company invests in a new transmission lubricant that increases fuel mileage by 10% and…

A: The cost study and evaluation of systems, products, and services is what the engineering economy is…

Q: Consider the benefits as well as the problems associated with a reproductive policy such as China’s.…

A: Consider the benefits as well as the problems associated with a reproductive policy such as China’s.…

Q: Examine the graph below. This monopolistically competitive firm would produce output [Select]…

A: Monopolistic competition characterizes an industry in which many numbers of firms offer goods or…

Q: Hand written plzz Part 1 The Federal Reserve buys $40.00 million in Treasury securities. If the…

A: The formula for money multiplier is given by: m = 1 + cc + r + e where c is the currency to deposit…

Q: Evaluate the strategic driftof the company and illustrate at which stage did Siemens experienced the…

A: Strategic drift occurs when a company's strategy no longer aligns with the environment in which it…

Q: value). They decide to have a 10% sale on them. What will happen to Purebread's total revenues on…

A: The Elasticity of demand states that how much the quantity demanded will change in context with…

Q: ANSWER A Suppose market demand for tires in millions is given by the equation QD = 12 – P. Tires…

A: Answer a. To find equilibrium price and quantity, quantity demanded is equal to to quantity…

Q: The information in the table below shows the demand schedule for water in a certain small town.…

A: Demand schedule is referred to as the table which shows the quantity demanded for the goods and…

Q: 1) Calculate GDP MP and NNPFC from the following Net domestic product at market price Net indirect…

A: Here, information about different economic activities are given using which one can compute national…

Q: -a Consider the following demand curve:P = Q where 1 > a > 0. What would be the associated marginal…

A: Marginal revenue is the additional revenue gained from selling an additional unit of output.

Q: For each of the following scenarios, indicate if it would necessarily lead to crowding out or not,…

A: Answer: (g). Graphical presentation: According to the above figure, the x-axis measures the real…

Q: True/False: A monopolist will always be able to operate at a profit. Group of answer choices True…

A: A monopolist is a single seller, selling a product which does not have substitute in the market.…

Q: For each of the following scenarios, indicate if it would necessarily lead to crowding out or not,…

A: Closed economy A closed economy is considered when an economy of the nation does not involve in…

Q: Assume the following: Current Actual Inflation Rate = 2% Potential Real GDP = 100,000 Actual Real…

A: The Taylor rule is given as,i* = π + 2 + 0.5(π - 2) + 0.5(GDP gap)where,i* = nominal federal funds…

Q: How is the isomorphic concept applied in determining executive salaries?

A: Isomorphism refers to the likeness of one organization's operations or structure to those of…

Q: 9. Measuring imbalances between demand and supply - example 10.How does the office market work…

A: *Hi there as you have posted multiple questions following our guidelines we can only solve the first…

Question

Question 59

When a good is rival,

Group of answer choices

one person's use of the good diminishes another person's ability to use it.

people can be prevented from using the good.

more than one person can use the good at the same time with no effect on enjoyment.

everyone will be excluded from using the good.

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

Table 7-8 Seller Cost (Dollars) Evan 50 Selena 100 Angie 150 Kris 200 Refer to Table 7-8. If the sellers bid against each other for the right to sell the good to a consumer, then the good will sell for a. $100 or slightly less. b. $150 or slightly less. c. $50 or slightly more. d. $200 or slightly more.
In the market for a pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to pay $85 for a pair. The actual price that each must pay for a pair of shoes is $65. What is the combined amount of consumer surplus of Jena and Jane? Multiple Choice $10 $160 $30 $20
Provide short answer for the following. 1. Market failure. 2.Externality. 3.Substitution effect of a price change. 4. Diminishing marginal utility. 5.Indifference curve?
1. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 - 2p Qy = 60 - 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker’s neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker’s neighbors. (a) Explain why the public supply curves differ from the private supply curves, and how this represents the externality from second-hand smoke. Highlight the area(s) of your diagram that represents a social loss. (b) Calculate the social loss for both. (c) Suppose the government decides to pursue a Pigouvian solution to eliminate social loss. What's amount of tax or subsidy would the government…
1. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 - 2p Qy = 60 - 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker’s neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker’s neighbors. (a) Plot the private demand curve and private supply curve for both cigarettes on separate axes. (b) What is the privately efficient quantity demand of both cigarettes? (c) Add the public supply curves to the graphs you plot in (a). (d) What is the socially efficient quantity demand of both cigarettes?
"When a good is divided up, it is important that none of the good go to waste." This statement emphasizes Group of answer choices zero surplus. fairness. equal welfare. equity. efficiency.
Externalities Mark owns a butchery. His marginal cost of selling meat is MC = 0.35Q, where Q is the pounds of meat he sells. Mark is in a competitive market and can sell all the meat he wishes for $7 per pound. However, the smell from the butchery bothers the customers of George, the owner of the coffee shop next door. Assume that every pound of meat costs George $1.4 worth of lost business. If Mark focuses on maximizing his profit, how much would he sell? At the profit-maximizing quantity from part a, does selling the last pound of meat benefit the society. Calculate the social marginal cost and compare it to the marginal benefit. Note that here “society” refers to Mark and George. What is the socially optimal quantity of meat sold?
Externalities are a form of market failure. Identify two externalities related to Covid-19, one positive and one negative. Graph and explain how each externality affects the optimal amount of the good that is generating the externality.
Battle of Sexes Answer the questions C and D only please:a. Find and explain all outcomes which are Pareto Efficient.b. Find all the possibilities of IEWDS equilibrium.c. Find all the pure NEs.d. Compare the result in (b) and (c), explain!
choose the corrrect answer: Question: This specifies that an action that could benefit more people and more subject should be achieved for the certain scenario. A. Common Good B. Greater/Greatest Good
suggest a potential solution to that student's problem. How would you internalize their externality or dissuade the free riding? A time I have experienced negative externality would be air pollution. The wild-fires in Canada have caused a tremendous amount of air pollution (smoke), while these fires are 'controlled' they have gotten out of hand and aren't benefiting the public. The smoke has created an unhealthy air level and can in some cases cause death, going outside I can clearly see the smoke that has traveled and I can smell it. Some of my friends have to stay inside because of health conditions, although it was meant to prevent a larger fire it has created a larger problem as it has gotten out control. This is problematic because there's almost no way of clearing up the smoke and people who will suffer from its outcome will not receive any compensation. It will also effect wild-life and plants, it will be hard to reverse the effects of this fire and the harm it has done. With…
Question THREE Some reasons why resources could be allocated inefficiently by the market are negative externalities and positive externalities. Explain, using graphs, what the problem is in each case, and explain possible solutions to each problem. All of these problems might be described as arising due to poorly defined property rights. Explain the relationship of property rights to these instances where the market fails to allocate resources efficiently. Explain how a corrective tax can eliminate the inefficiency caused by a negative externality. Use a graph to assist your explanation.