-In Figure 4-18, There Would Be a Surplus of T-Shirts

question 31

Multiple Choice

-In Figure 4-18, there would be a surplus of T-shirts if the price were

• A)$10.
• B)$8.
• C)below $8.
• D)between $8 and $6.

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Definitions:

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.

Marginal Cost

The boost in complete costs associated with creating one more unit of a product or service.