Which of the Following Is an Example of a Good

question 77

Multiple Choice

Which of the following is an example of a good that is produced by the public sector but consumers purchase it in proportion to the benefit received?

• A) milk
• B) public education
• C) first-class mail delivery from the U.S. Post Office
• D) national defense

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Definitions:

Quantity Demanded

The complete volume of a good or service that consumers are ready and financially capable to acquire at a particular price point.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market, leading to market stability.

Buyers

Individuals or entities that acquire goods or services in exchange for money, playing a crucial role in the dynamics of supply and demand in markets.

Sellers

Individuals or entities that offer goods or services for sale to consumers or other businesses.