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

question 80

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 gooB.
• C) investment gooC.
• D) nonrivalrous good.

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Definitions:

Decreasing-Cost Industry

An industry where average costs decrease as the industry's output increases, often due to economies of scale.

Productive Efficiency

A situation when an economy or entity is operating at its maximum capacity, utilizing resources effectively to produce goods and services at the lowest possible cost.

Productive Efficiency

A situation where an economy or entity cannot produce more of one good without affecting the production of another good, utilizing all resources optimally.

Purely Competitive

A market structure characterized by a large number of sellers offering identical products, where no single seller can influence the market price.