Education at a Private University Is NOT a Public Good

question 80

Multiple Choice

Education at a private university is NOT a public good because it is

• A) nonrival.
• B) excludable.
• C) both nonrival and nonexcludable.
• D) None of the above answers is correct.

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Definitions:

MRP

Marginal Revenue Product; the additional revenue generated by employing one more unit of a factor, such as labor or capital.

Marginal Revenue Product

The additional revenue a firm earns by employing one more unit of input, like labor or capital, in the production process.

Wage Rate

The amount of compensation a worker receives for performing a service, typically measured per hour or unit of work.

Employment

The state of having a paid job or being engaged in a productive activity.