Which of the Following Statements Is Correct

question 76

Multiple Choice

Which of the following statements is correct?

• A)Common resources are excludable but nonrival in consumption.
• B)National defense is an example of the Tragedy of the Commons.
• C)When African elephants were privatized, the survival of the species improved.
• D)Well established property rights are unnecessary because government can provide goods more efficiently than private markets.

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Definitions:

MC Curve

The graph that shows the relationship between the marginal cost of producing each additional unit and the quantity produced.

Total Profit

The difference between total revenue and total costs, representing the overall earning performance of a business.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogenous product, free entry and exit, and perfect information, leading to firms being price takers.

Market Price

The current price at which an asset or service can be bought or sold in a competitive market.