Question

QUESTION 6 in the short run, a firm's marginal cost tends to rise as more is produced because of diminishing marginal returns the implicit costs of production diseconomies of scale rising input costs QUESTION 7 Which of the following is the best example of common property the car of a student who drives his friends around the air you breathe bread you bake and share Disney World QUESTIONS The term "tragedy of the commons" is used to describe Overpricing of computer software by Apple increased rents in areas closer to the beach the difficulty in honestly evaluating public goods the elimination of social gains due to overuse of open land QUESTIONS A common property is both nonrival and nonexcludable nonrival, but excludable nonexcludable, but rival either nonrival or nonexcludable, but not both QUESTION 10 When the value people receive on average from a commons property exceeds the marginal cost of use then more people will use the common property social gains are as large as possible common property creates economic rents demand for the common property will fall

Answer 1

1 2 Answer:- (6) In short run, a firm's marginal cost tends to rise as more is produced because of law of diminishing returns. The law of diminishing returns states that: 3 as a firm uses more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually decrease. 4 Option (a) is correct 6 7 Answer:-(7) The best example of common property is the "air you breath" As common property is one which is nor rival in nature and non excludable, so no one can stope you to take air to breath and also, your consumption if air does not reduces it for other Option (B) is correct 8 9 10 The tragedy of common is used to describe Option (d) is correct 11 Answer:(8) the elimination of social gain due to overuse of social land" 12 13 14 Answer:- (9) Common property is both "Non-rival and non-excludable" 15 Option (A) is correct 16 17 18 19 20 21