Explain the characteristic of a semi-public good which is rival and non-exclusive. Provide an example of such a good. (a) What are the two defining characteristics of a public good? Explain what those characteristics mean, and how they are present in a public good but not in a private...
Government-imposed solutions:When the solution does not come from the market itself, governments can enact legislation and take other measures as a response to a market failure. For example, if businesses hire too few low-skilled workers after aminimum wageincrease, the government can create except...
What does “it” mean in this sentence? How do you understand “fad” in the first paragraph? “It” here means the social networking that made the teenagers tired easily. At that time the author as well as many others believe that social network can not last very long, it was a ...
The scarcity of a resource or raw material can play a significant role in pricing power, even more so than the presence of rival providers of a product. For example, various threats, such as disasters that put the oil supply at risk, lead to higher prices from petroleum companies, despite ...
Thus, saying that an additional unit of somecommoditycan be produced at zero marginal cost is not the same as saying that the commodity in general can be produced for free. Most non-rivalrous goods also have fixed costs that must be paid before they can be produced at all, even if there...
What does "Venture Capital" mean? What are the advantages of using capital in the production process? (a) What is social capital? (b) Why is it related to trust? Define Per capital. Which capital is known as the working capital? What is an example of the human capital model within the...
North Carolina appears to be in league with other battleground states and the issue importance of economics first, followed by a partisan divide regarding other issue priorities. After Texas, North Carolina has the largest rural population in the nation. How does...
Don't be fooled by advanced degrees. If the degree is for something other than the subject being taught, it is not relevant. For example, a French teacher with a master's in instructional technology does not have as impressive credentials as a French teacher with a master's in French ...
One major criticism deals with the concept of big government—the expansion of federal initiatives that must occur to enable the government to participate actively in the economy. Rival economic theorists, like those of theChicago School of Economics, argue that: Economic recessions and booms are pa...
Cournot competition is an economic model that describes an industry structure. Rival companies offering an identical product compete on the amount of output they produce, independently and at the same time. The model is named after its founder, French mathematician Augustin Cournot. ...