If the Good in the Table Above Is a Private

question 124

Multiple Choice

If the good in the table above is a private good,the total value of 10 units of output is __________,while if the good is a public good,the total value of 10 units is __________.

• A) $100;$280
• B) $100;$100
• C) dependent on what the price is;$280
• D) $100;$25
• E) $10;$280

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Definitions:

Fee Simple

A type of freehold ownership where the owner has the most extensive property rights allowed by law.

Crown

A reference to the state or monarch in the context of legal proceedings or governmental authority.

Mineral Rights

Legal entitlements that allow an individual or organization to explore, extract, and sell minerals from a piece of land.

Fee Simple

The most extensive ownership interest in land that one can possess, without time limitation to any particular line of heirs.