Unformatted text preview: private marginal cost of Un producing rubber will increase
97. Bluefin tuna travel in schools throughout the world's oceans. Fishing boats from many
nations harvest bluefin tuna as the schools migrate through their national waters. The
schools of bluefin tuna are best described as:
A) a common resource.
B) a private good.
C) a public good.
D) an artificially scarce resource.
98. If an individual's consumption of a good directly affects others, the individual will
always consume either too much or too little of the good from a social efficiency
99. I care about only two things: scotch and Swiss chocolate bars. Consider my utility
function and indifference curves. My utility function looks like a mountain such that my
indifference curves are circles and the quantities of both commodities are positive at the
top of the mountain. Which of the following statements is both correct and most
A) Chocolate starts off as a good and then becomes a bad
B) Scotch is initially a bad but then becomes a good.
View Full Document
This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.
- Fall '07