If Two or More People Can Use a Good at the Same

question 62

Multiple Choice

If two or more people can use a good at the same time without preventing others from using it, the good is said to be a(n) :

• A) durable good.
• B) public good.
• C) investment good.
• D) nonrivalrous good.

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Definitions:

Marginal Cost

The cost of producing one additional unit of a good or service, crucial for decision-making in production and pricing strategies.

Fixed Cost

Costs that do not change with the amount of goods or services produced, such as rent, salaries, and loan payments.

Variable

A variable represents any quantity, factor, or feature that can vary or change in mathematical modeling, statistics, and scientific experiments, influencing results or outcomes.

Output

Refers to the total amount of goods or services produced by an individual, company, or economy.