Examlex
State whether each of the following goods and services is nonrival, nonexcludable or both:
a.A toll road
b.A public park
c.A lighthouse
d.An art museum
e.A radio broadcast of "A Prairie Home Companion"
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at different prices.
Marginal Revenue Curve
A graphical representation showing how additional sale of one more unit of a good or service affects the total revenue.
New Firms
Businesses that have been recently established, entering the market to offer goods or services.
Existing Firms
Businesses that are currently operational and have been established in the market for a period of time.
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