When a City Street Is Congested,it Is

question 57

Multiple Choice

When a city street is congested,it is

• A)a common resource.
• B)nonrival and nonexcludable.
• C)nonrival and excludable.
• D)a private good.
• E)a public good.

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Definitions:

Tuition

The fee for instruction, especially for higher education institutions.

Price-Elastic

Describes a situation where the demand for a product changes significantly in response to changes in its price.

Total Revenue

The full amount of income generated by a business from selling goods or services, calculated as price per unit times the number of units sold.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.