Many Forms of Information Are a Public Good, Which Means

question 107

Multiple Choice

Many forms of information are a public good, which means that:

• A) all information is free, so users do not have to pay for it.
• B) all information is costless to obtain.
• C) it is difficult to exclude nonpayers from using it.
• D) information is readily available to users.

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for product differentiation.

ATC

Average Total Cost, which is the total cost divided by the quantity of output produced.

MR

Marginal Revenue is the additional income from selling one more unit of a good; sometimes equal to price.

Short-Run Equilibrium

A situation in which the quantity supplied and quantity demanded in a market are equal at a particular price level, but only for a temporary period.