A Large Network Designed to Provide Access to a Specific

question 49

Multiple Choice

A large network designed to provide access to a specific geographic area, such as a large city, is a ________.

• A) MAN
• B) PAN
• C) LAN
• D) WAN

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Definitions:

Excludability

The characteristic of a private good, for which the seller can keep nonbuyers from obtaining the good.

Private Good

A good, or service that is individually consumed and that can be profitably provided by privately owned firms because they can exclude nonpayers from receiving the benefits.

Quantity Demanded

The quantity of a product or service that buyers are prepared and financially able to buy at a certain price.

Efficiency Loss

The loss of economic efficiency that can occur when equilibrium for a good or service is not achieved, leading to potential welfare or opportunity costs.