-Refer to Table 11

question 171

Multiple Choice

-Refer to Table 11.2. The equilibrium level of aggregate output equals:

• A) $400.
• B) $600.
• C) $800.
• D) $1,000.

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Definitions:

Nonexcludability

A characteristic of goods or services that makes it impossible to prevent people from consuming or using them, regardless of whether they have paid for them or not.

Free-Riding

The practice of benefitting from a good or service without paying for it or contributing to its provision, often discussed in the context of public goods.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning its consumption by one individual does not reduce its availability to others.

Collective Willingness

The aggregated preference or desire of a group of individuals to support or buy into a particular idea, policy, or product.