The Difference Between Specific Knowledge and General Knowledge Is That

question 234

Multiple Choice

The difference between specific knowledge and general knowledge is that

• A)the creation of general knowledge is usually more profitable for the creator.
• B)specific knowledge is excludable, while general knowledge is not excludable.
• C)general knowledge is excludable, while specific knowledge is not excludable.
• D)general knowledge is rival in consumption, while specific knowledge is not rival in consumption.

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Definitions:

Decreasing-cost Industry

An industry where average costs of production decrease as the scale of output increases.

Long-run Equilibrium Price

The price at which the quantity of a good demanded equals the quantity supplied, with all adjustments made for factors affecting supply or demand over time.

Product Demand

The desire and willingness of consumers to purchase a particular product at various prices during a certain period.

Purely Competitive Firm

A business functioning in an environment with numerous purchasers and vendors, where no single entity has the power to notably affect the prices in the market.