Aaron Has Been Trying to Improve His Time in the 100

question 351

Multiple Choice

Aaron has been trying to improve his time in the 100 metre run. He often practices at the track late at night with his girlfriend timing him. To his amazement, when his friend, Benjamin, who is an excellent runner, volunteers to run with him, his time actually ______________.

• A)worsens due to the mere presence of another person
• B)worsens due to Benjamin's speed
• C)improves due to Benjamin's speed
• D)improves due to the mere presence of another person

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available to every individual without diminishing availability to others, such as national defense, public parks, and clean air.

Marginal Social Benefit

The additional benefit that society receives from the consumption of an additional unit of a good or service.

Marginal Social Cost

The total cost to society of producing one additional unit of a good or service, considering both the costs borne by the producer and any costs or benefits to third parties (externalities).

Public Good

A product or assistance made available to all societal members without financial gain, provided by either state bodies or voluntary private groups or individuals.