Fish in the Ocean Are an Example of ________ Because

question 46

Multiple Choice

Fish in the ocean are an example of ________ because they are ________.

• A) public good; nonexcludable and nonrival
• B) public good; rival and excludable
• C) common resource; rival and nonexcludable
• D) common resource; nonrival and nonexcludable
• E) private good; caught by private fishermen

Differentiate between flexible and static budgets.

Identify controllable and noncontrollable expenses.

Comprehend cost behavior within the relevant range.

Analyze the effects of activity levels on budgeted costs.

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and what they actually receive, due to market prices.

Tax

A mandatory monetary payment or different kind of tax levied on taxpayers by government entities to support government expenses and various public services.

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Producer Surplus

The discrepancy between the price at which producers are inclined to sell a product and the actual price they get, frequently viewed as an indicator of the well-being of producers.