Author Question: If all of the income paid to a resource is opportunity costs, a. the price and quantity of that ... (Read 97 times)

olgavictoria · **on:** Jun 30, 2018

If all of the income paid to a resource is opportunity costs,
a. the price and quantity of that resource are determined exclusively by supply
b. the price and quantity of that resource are determined exclusively by demand
c. the quantity of that resource is determined exclusively by supply
d. the price of that resource is determined exclusively by demand
e. the quantity of that resource is determined exclusively by demand

Question 2

Mountain bikers and rollerbladers share the only trail in a city park. The city allows everyone into the park and onto the trail. The mountain bikers say the rollerbladers are a hazard to them; the rollerbladers say it's the other way around. Frequently there are collisions, and many injuries occur. What is the property rights problem?
a. Rollerbladers do not have mountain bikes.
b. Bikers do not have rollerblades.
c. No one owns both bikes and blades.
d. No one has property rights to the use of the trail.
e. No one owns the park.