-Tom and Jerry Are the Only Members of Society

question 106

Multiple Choice

-Tom and Jerry are the only members of society. The table above shows their marginal benefits from defence satellites, a public good. If the marginal social cost of a satellite is $54, the quantity of satellites provided by a competitive market is

• A) 0.
• B) 1.
• C) 2.
• D) 3.

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Definitions:

Wilcoxon Rank Test

A non-parametric test used to compare two paired groups to determine whether their population mean ranks differ.

Independent Samples

Groups of data in which the members of one group are not related or matched to the members of the other group(s).

Nonparametric Tests

Statistical tests used for data that does not necessarily meet the assumptions required for parametric tests, often used when data is not normally distributed.

Independent Samples

Two or more groups of samples that are not related or paired in any way, ensuring the observations in one sample do not influence the observations in another.